chinese machinary      chinese equipment      
Main page | News | Guestbook | Contact us
Русская версия

Food products
Building materials
Leisure and garden inventory
Medicine and public health
Gas and gas equipment
Oil equipment
Chinese Silk
Underwear, T-shirts
Various production line by Customers order
Silver coins

Contact us
Tel: +86 13903612274

News from China
Banks set to open while Greeks face widespread price increases
20th July 2015

 GREECE was preparing to restart its struggling economy yesterday, with a revamped government, a bank reboot and a new round of tax rises agreed after months of fraught confrontation with creditors.

Banks are set to reopen today after a three-week shutdown estimated to have cost the economy some 3 billion euros (US$3.3 billion) in market shortages and export disruption.

Crisis-hit Greeks will also have to endure widespread price rises for a broad batch of goods and services, from sugar and cocoa to condoms, taxis and funerals, now taxed at 23 percent, up from 13 percent.

To sweeten the pill, the tax on medicines, books and newspapers falls from 6.5 percent to 6 percent.

With Greeks now able to withdraw up to 420 euros per week in a single transaction, people will be spared the ordeal of queuing daily at ATMs in the summer heat, which thousands did for three weeks for an allowance of 60 euros a day.

But capital controls remain largely in place, including a block on money transfers to foreign banks and a ban on the opening of new accounts.

Greece last week had to agree to a tough fiscal package to earn a three-year bailout from its international creditors and avoid crashing out of the eurozone.

For the first time in months, technical teams representing the creditors — the European Union, the European Central Bank and the International Monetary Fund — are expected in Athens next week to assess the state of the economy.

The austerity package caused a mutiny among lawmakers from the ruling Syriza party, forcing Prime Minister Alexis Tsipras to carry out a limited reshuffle last Friday.

Even so, most analysts and even government officials say early elections are now inevitable, possibly in September.

Tsipras — who barely has time to eat or sleep, according to his mother — faces a fresh challenge in parliament on Wednesday to approve a second wave of reforms tied to its economic rescue.

Tsipras’ coalition holds 162 seats in parliament, but in last Wednesday’s vote, only 123 government MPs backed the bailout — just over the minimum 120 required to sustain a minority government.

Nearly a quarter of Syriza’s lawmakers — 39 out of 149 — failed to support the reforms bill, which passed thanks to solid support from opposition parties.

The government has agreed to raise taxes, overhaul its ailing pension system and commit to privatizations it had previously opposed, in exchange for a bailout of up to 86 billion euros over the next three years.

The draconian agreement — accepted by a party that came to power in January promising to end austerity — came after over 61 percent of Greeks on July 5 rejected further cuts in a referendum called by Tsipras.

His critics accuse him of kowtowing to blackmail by creditors, who threatened to expel Greece from the eurozone.

Source: Shanghai Daily, July 20, 2015
Fiat Chrysler sets up new JV in Shanghai
17th July 2015

 GAC Fiat Chrysler Automobiles Co (GFC), the joint venture of Fiat Chrysler Automobiles NV and Guangzhou Automobile Industry Group Co, yesterday launched a sales company in Shanghai.

The new joint venture, GAC Fiat Chrysler Automobile Sales Co, will be responsible for all product planning, marketing, sales and after-sales of Jeep, Fiat and Chrysler brands, GFC said.

“We will accelerate the pace of product planning and manufacturing, and introduce 10 new models to the Chinese market in the next five years,” Zheng Jie, CEO of the new venture, said in Shanghai yesterday.

Jeep will be the flagship brand for GFC, and its domestically made sport-utility vehicles will start production in the first half of next year at GFC’s Guangzhou factory.

As growth in passenger vehicle sales is set to slow to single digit this year from last year’s 12.6 percent amid an economic downturn, SUV models are seen as the key for automakers to attract customers in the world’s largest vehicle market.

Sales of SUVs hit 1.29 million in the first quarter of 2015, up 48.8 percent year on year to be the fastest growing category in the market, according to the China Association of Automobile Manufacturers.

“By 2020, Jeep vehicles will cover all SUV categories from small to luxury models,” said Ye Wuping, director of product marketing department of the new company.

Source: Shanghai Daily July 17, 2015
China plans subsidized loans for importers to support trade
16th July 2015

 CHINA plans to give more of its importers subsidized loans as part of wider efforts to shore up the trade sector and support the world’s second-largest economy, the State Council said yesterday after a weekly meeting.

Hurt by anaemic foreign and domestic demand, China’s trade sector has undershot the government’s target of growing the value of Chinese imports and exports by 6 percent this year. In fact, imports and exports slumped almost 7 percent in the first six months.

To stoke activity, the State Council, China’s Cabinet, said it will increase the disbursements of subsidized loans for importers, and ensure that goods are cleared more quickly through customs.

More advanced technology equipment and components will also be imported to boost China’s domestic demand and help its companies to move up the production value chain, the government said in a statement on its website.

The Cabinet also reiterated China’s currency policy by saying that the yuan will be kept at a stable and reasonable level to minimize the foreign exchange risks faced by companies.

In reality, however, the yuan has hit record highs this year against a series of foreign currencies including the euro on the back of a stronger greenback.

More credit guarantees would be given to exporters so they can get loans, and banks would be encouraged to provide support to exporters when they are claiming their tax rebates.

China will also increase the amount of loans it issues from its US$3.69 trillion of foreign exchange reserves.

Source: Shanghai Daily. July 16,2015
Cautious Americans trim spending
15th July 2015

 AMERICANS cut back their spending at stores and restaurants last month, a sign that they remain cautious despite robust job growth in the past year.

Retail sales fell 0.3 percent in the United States in June, the Commerce Department said yesterday, the weakest showing since February’s harsh winter weather kept shoppers indoors. That followed a robust 1 percent jump in May, though that was revised down from a previous estimate of 1.2 percent.

Economists had expected that consumers would rein in their spending after May’s large gain. But the reversal was much sharper than projected.

It suggests that consumers, still scarred by the Great Recession, are reluctant to spend freely even as unemployment has fallen and gas prices are about 90 cents a gallon cheaper than a year earlier.

Excluding autos, gas, building materials and restaurants, so-called core retail sales — which factor into the government’s official measure of economic growth — fell 0.1 percent in June, after an increase of 0.7 percent in May.

Spending at restaurants and bars, an area of strength in recent months, slipped 0.2 percent. Sales of building materials fell 1.3 percent. Online and catalog retailers reported a 0.4 percent drop in sales.

Sales at auto dealers fell 1.1 percent, but that drop came after a big gain in the previous month. Auto purchases reached the highest level in a decade in May, so even with the decline, sales remain at a healthy level.

Economists watch the retail sales report closely because it provides the first indication each month of the willingness of Americans to spend. Consumer spending drives 70 percent of the economy. Yet retail sales account for only about a third of spending, with services such as haircuts and Internet access making up the other two-thirds.

Despite June’s weak showing, there is evidence that consumers are growing more confident and may spend at a healthy pace for most of the rest of this year.

The Conference Board’s consumer confidence index jumped in June to its second-highest level since the recession ended in June 2009. It is now 17.4 percent higher than a year ago.

Source: Shanghai Daily, July 15, 2015

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152