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News from China
China's non-finance ODI gains steadily
20th August 2018

 China’s non-financial outbound direct investment continued to grow steadily in the first seven months of the year, according to official data.

Chinese investors made US$65.27 billion of non-financial ODI in nearly 4,000 overseas enterprises in 152 countries and regions from January to July, the Ministry of Commerce said. It marked a 14.1-percent rise from the same period a year ago.
ODI in countries along the Belt and Road rose 11.8 percent from a year earlier to US$8.55 billion.
The structure of outbound investment continued to improve, with investment mainly in leasing and business service, retail and wholesale, manufacturing, and mining sectors. No new projects were reported in property development, sports and entertainment.
Chinese contractors signed more agreements for large projects abroad in the first seven months. Transport, power and construction projects accounted for more than two-thirds of the total contract value, and around 85 percent of new projects saw their contract value surpass US$50 million.
A ministry index that measures ODI activity each month remained stable at 192.93 in July, compared with the peak of 205.3 and low of 189.6 registered within the first seven months.
Source: Shanghai Daily, August 20, 2018
China promises new measures to boost private investment for steady growth
17th August 2018

 The Chinese government will step up reform and roll out a series of new incentives to better remove hurdles hampering private investment and businesses and boost economic vitality, the State Council's executive meeting chaired by Premier Li Keqiang decided on Thursday.

The meeting decided on a host of measures to further facilitate private investment and boost the sound development of the private sector.
Premier Li stressed that further measures should be taken to unleash market vitality and boost private investment. A number of favorable projects should be identified as potential targets for attracting private investment.
"Our economy is showing a stable performance with good momentum for growth. Facing new circumstances and new challenges, we should step up reform, pay attention to emerging problems, plan ahead, and fine-tune policies as necessary to make sure that the economy performs within a proper range," Li said.
Recent years have witnessed the government's relentless efforts in encouraging private investment. In the first seven months of this year, the total value of private investment reached 22.26 trillion yuan (US$3.32 trillion), registering a year-on-year growth of 8.8 percent, 3.3 percentage points higher than overall investment growth. This amounts to 62.6 percent of total investment in the country, making private investment a major pillar of investment growth.
"The stability we aim for should be achieved in the context of continued progress and stability is in itself a step forward for the economy. It is vital to strengthen the financial sector to better serve the real economy," Li said.
The meeting called for greater efforts to encourage more private investment and to lower threshold for private investment to enter key areas. The meeting called for shoring up the weak links, boosting domestic demand, promoting employment and strengthening the impetus for long-term development.
Additional conditions hampering private investment entering fields such as health care and caring for the elderly will be reduced or lifted, and the government will make targeted efforts to remove hidden obstacles in land use, funding support and personnel training in these areas with stronger compliance regulation.
"The potential of consumption as a driver for growth need to be further unlocked. At the same time, more efforts need to be made to reduce business costs, support export, and make better use of foreign investment," Li said.
Tax and fee cutting measures for private businesses will be further implemented, while value-added tax reform will be deepened, the meeting decided. Financing transmission mechanisms will be improved to allow financial sector better serve the real economy. A risk compensation mechanism for lending to private businesses will be established to make financing more accessible and affordable for private businesses.
"This year marks the 40th anniversary of China's reform and opening up, which remains essential for China's social and economic development," Li pointed out.
Source: Shanghai Daily, August 17, 2018
China's vice commerce minister to visit US on trade issues
16th August 2018

 A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will, at the invitation of US side, visit the United States in late August to talk with the US counterpart on bilateral economic and trade issues of their own concern, the Ministry of Commerce said on Thursday.

Wang Shouwen is also the deputy China international trade representative. The US delegation will be led by David Malpass, Under Secretary for International Affairs at the US Department of the Treasury.
China has reaffirmed its stance of opposing unilateralism and trade protectionism, and not accepting any forms of unilateral restrictive trade measures, according to an MOC statement posted on its website.
China welcomes dialogue and communication on the basis of reciprocity, equality and integrity, according to the statement.
Source: Shanghai Daily, August 16, 2018
China seeks WTO dispute settlement over US safeguard measures, subsidies
15th August 2018

 China on Tuesday launched the World Trade Organization dispute settlement procedure over US safeguard measures on imported photovoltaic products and subsidies for its renewable energy products, the Ministry of Commerce said.

"As the US measures severely damaged Chinese trade interests, China's choice to resort to the WTO dispute settlement mechanism is a necessary move to safeguard its legitimate rights and interests and multilateral trade rules," a spokesperson with the ministry said.
Previously, the United States took safeguard measures on imports of some photovoltaic products with additional tariffs of up to 30 percent.
The US measures are suspected of violating WTO Agreement on Safeguards. "This kind of abuse of safeguard measures not only hurts the legitimate rights and interests of China, but also affects the seriousness and authority of WTO rules," the spokesperson said.
"Besides the safeguard measures, the United States granted additional subsidies to domestic renewable energy products, including photovoltaic products, which are suspected of being import substitution subsidies and violating its national treatment obligations.
"The US subsidies provided its domestic renewable energy industry with an unfair competitive advantage, and damaged the rights and interests of Chinese renewable energy companies.
"The above-mentioned US wrongful measures seriously distorted the international market for photovoltaic and other products and severely damaged China's trade interests. We urge the US side to take practical action, respect WTO rules and abandon its wrong practices, to bring the trade of related products back to normal."
Source: Shanghai Daily, August 15, 2018

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