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News from China
China to focus on stable growth in second half
1st August 2018

 China will keep its economy on a stable and healthy development track with a proactive fiscal policy and prudent monetary policy in the second half of 2018, according to a meeting of the Political Bureau of the Communist Party of China Central Committee yesterday.

 
The meeting, presided over by Xi Jinping, general secretary of the CPC Central Committee, stressed that China will maintain the basic tone of “seeking progress while maintaining stability” for its economic work and allow the economy to continue to perform within a reasonable range.
 
Efforts should be made to push supply-side structural reform and win the “three tough battles,” according to a statement released after the meeting.
 
China’s economy has maintained steady growth with good momentum in the first half, according to the statement.
 
However, the economy still faces some new challenges and the external environment has changed notably. China should focus on the “principal contradiction” and take targeted measures to solve it, the statement said.
 
The country will continue to implement a proactive fiscal policy and prudent monetary policy while making policies more forward-looking, flexible and effective. Fiscal policy should play a bigger role in expanding domestic demand and structural adjustments. China will maintain control over the floodgates of monetary supply and keep liquidity at a reasonable and ample level.
 
Efforts should be made to keep employment, the financial sector, foreign trade, foreign and domestic investments, and expectations stable.
 
The legitimate rights of foreign-funded companies in China will be protected, according to the statement.
 
The country should take strengthening areas of weakness as an important task in deepening supply-side structural reform, with intensified efforts to be made in improving infrastructure.
 
Work should also be done to improve innovation capability, develop new engines of growth, eliminate institutional barriers for cutting excessive capacity, and lower the cost for companies.
 
The strategy of rural revitalization should be well implemented.
 
“China must better combine the task of forestalling and defusing financial risks with serving the real economy,” the statement said.
 
To that end, the country should stand firm on reducing the leverage ratio, ensure the proper policy intensity and tempo, and coordinate the timing of unveiling new policies.
 
“Through innovation of mechanisms, China must raise the capacity and willingness of financial institutions to serve the real economy,” the statement said.
 
The meeting called for pressing ahead with reform and opening-up and continuing to roll out major effective reform measures. Major policies of expanding opening-up and significantly relaxing market access should be implemented, and the joint construction of the Belt and Road should be advanced in depth. Efforts should be made to make China’s first import expo, China International Import Expo, successful.
Source: Shanghai Daily, August 1, 2018
China's factory activity expands at slower rate in July
31st July 2018

 The purchasing managers' index for China's manufacturing sector came in at 51.2 this month, down from 51.5 in June, the National Bureau of Statistics said on Tuesday.

 
Activities of the country's non-manufacturing sector also expanded at a slower pace in July, with its PMI standing at 54, compared with 55 in June.
 
Though PMIs for both sectors dropped compared with the previous month, they still pointed to steady expansion as a reading above 50 indicates expansion, while a reading below reflects contraction.
 
The PMI for the manufacturing sector remained above 51 for five consecutive months while that for the non-manufacturing sector maintained at or above 54 for 11 months in a row.
 
The general PMI output index for July reached 53.6, down from 54.4 in June, indicating steady but slower production and operation activity expansion for the country's enterprises.
 
NBS senior statistician Zhao Qinghe attributed the slight drops in July's PMI figures to bad weather conditions, escalating trade tensions and a slack season for some sectors.
Source: Shanghai Daily, July 31, 2018
China eliminated 21 billion paper courier waybills in 2017 as the country's delivery services became
30th July 2018

 The whole courier delivery sector used about 40.06 billion waybills last year, with digital waybills accounting for about 80 percent, according to an industry report.

 
The digital waybills only require one small piece of paper, while traditional versions might use four to five pieces.
 
The courier sector also saved 6.4 billion meters of tape and 400 million big plastic bags for transit purposes.
 
To reduce emissions, about 13,000 new energy vehicles had been put into operation by express delivery firms by the end of June.
 
The State Post Bureau has been pushing the courier sector's green growth and it aims to reduce the sector's energy consumption by 50 percent in 2020 from the current level.China eliminated 21 billion paper courier waybills in 2017 as the country's delivery services became more environmentally friendly.
 
The whole courier delivery sector used about 40.06 billion waybills last year, with digital waybills accounting for about 80 percent, according to an industry report.
 
The digital waybills only require one small piece of paper, while traditional versions might use four to five pieces.
 
The courier sector also saved 6.4 billion meters of tape and 400 million big plastic bags for transit purposes.
 
To reduce emissions, about 13,000 new energy vehicles had been put into operation by express delivery firms by the end of June.
 
The State Post Bureau has been pushing the courier sector's green growth and it aims to reduce the sector's energy consumption by 50 percent in 2020 from the current level.
Source: Shanghai Daily, July 30, 2018
China's industrial profits up 17.2% in H1
27th July 2018

 Profit growth of China's major industrial firms picked up in the first six months of 2018, official statistics showed on Friday.

Profits at the industrial firms grew 17.2 percent in the January-June period, quickening from the 16.5-percent expansion for the January-May period, according to the National Bureau of Statistics.

In June alone, combined profits at industrial companies with annual revenue of more than 20 million yuan (US$2.95 million) went up 20 percent year on year, slightly retreating from the 21.1-percent gain in May.

NBS statistician He Ping attributed the sound growth to the country's supply-side structural reforms, which helped reduce production costs and lower debt levels.

In the first half year, costs per 100 yuan of revenue from the companies dropped 0.37 yuan from the same period last year to 84.42 yuan, according to He.

The debt-asset ratios of major industrial firms dropped 0.4 percentage points year-on-year to 56.6 percent by the end of June.

These firms also posted stronger profit earning capabilities and saw faster inventory turnover of their products.

Among the 41 industries surveyed, 29 posted year-on-year profit growth during this period, with the petroleum and natural gas mining, ferrous metal metallurgy and rolling, and chemical sectors as major profit contributors.

Source: Shanghai Daily, July 27, 2018

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