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News from China
Rare earth firm sees profit fall
16th January 2017

 CHINA Northern Rare Earth (Group) High-tech Co Ltd, the country’s largest rare earth miner and producer, expected its net profits to plunge in 2016 as demand sagged, prices faltered while production costs rose.

 
Net profits may plunge by up to 90 percent from a year earlier to 325.72 million yuan (US$47.21 million) in 2016, the company said on Saturday in a report filed to Shanghai Stock Exchange.
 
Earnings per share would be 0.09 yuan, flat with that in 2015.
 
The company attributed the profit decline to higher production costs and falling prices of rare earth products amid weak demand. Unfair competition exacerbated the situation, it said.
 
Share prices of the company fell 1.15 percent to 12.07 yuan on Friday.
 
As the world’s largest supplier of the minerals, China’s exports rose 34.2 percent year on year in 2016 in terms of volume, but export value declined 2.7 percent during the period, according to customs data.
Source: Shanghai Daily, January 16, 2017
China's central bank starts checks on Bitcoin exchanges
12th January 2017

 

 
CHINA’S central bank yesterday launched spot checks on leading Bitcoin exchanges in Beijing and Shanghai, pulling the price of the cryptocurrency down over 12 percent against the US dollar.
 
The People’s Bank of China said its probe of Bitcoin exchanges BTCC, Huobi and OKCoin was to look into possible rule violations, including market manipulation, money laundering and unauthorized financing. It did not say if any violations had been found.
 
Chinese authorities have stepped up efforts to monitor capital outflows and relieve pressure on the yuan.
 
While the yuan lost more than 6.5 percent against the dollar last year, its worst performance since 1994, the Bitcoin price has soared to near-record highs.
 
That, and the relative anonymity the digital currency affords, has prompted some to believe Bitcoin has become an attractive option for tech-savvy Chinese to hedge against the yuan and skirt around rules limiting how much foreign exchange individuals can buy each year.
 
The PBOC, whose officers visited the offices of OKCoin and Huobi yesterday, said in a statement: “Spot checks were focused on how the exchanges implement policies including forex management and anti-money laundering.”
 
Separately in Shanghai, the PBOC said it visited BTCC, noting its checks “focused on whether the firm was operating out of its business scope, whether it was launching unauthorized financing, payment, forex business or other related businesses, whether it was involved in market manipulation, anti-money laundering or (carried) fund security risks.”
 
On the Europe-based Bitstamp exchange, the price of Bitcoin fell as much as 12.5 percent to a three-week low of US$800.
 
On China’s Huobi exchange, the price slid more than 16 percent to 5,313 yuan (US$766), putting the yuan/Bitcoin rate at a discount to the rate on dollar-based exchanges.
 
Normally, Bitcoin trades at a premium in China, with a lack of trading fees encouraging volumes and boosting demand.
 
“Selling is being driven by China. The fear is that ... this investigation could lead to, worse-case scenario, funds being withheld from them (Chinese investors) or one of the exchanges being found to have acted improperly,” said Charles Hayter, CEO of digital currency analytics firm Cryptocompare.
 
“This is a ratcheting up of the rhetoric from the Chinese authorities — instead of ‘we’re watching’ you, it’s now ‘we’re investigating’ you,” he said.
 
According to his analysis, Hayter said trading between the yuan and Bitcoin accounted for around 98 percent of the total market in the past six months.
 
“The long-term implications of this are positive as more rigor in the Chinese market only matures and brings respectability to the industry — but in the short term this could effect volumes which have been one of the key drivers of the recent rally,” Hayter added.
 
Bobby Lee, CEO of Shanghai-based BTCC, confirmed the PBOC visit, but said he believed the firm was not out of line.
 
“We’re definitely vigilant. We think we are in compliance with all the current rules and regulations of running a Bitcoin exchange in China,” he said.
 
“I wouldn’t call it an investigation. I think they are working closely with us to learn more about our business model and the Bitcoin exchange industry. We had a very fruitful meeting today,” Lee said.
 
A Huobi executive, who declined to be named, confirmed the PBOC visited its office yesterday, but declined to provide details. A spokeswoman for OKCoin said its platform was operating normally, and the exchange was working with the authorities.
Source: Shanghai Daily, January 12, 2016
Families with kids drive cross-border online sales
11th January 2017

 YOUNG, well-educated, high-income Chinese consumers, especially families with kids, are now a major driving force for the development of China’s cross-border online shopping, Amazon said in a report yesterday.

 
Chinese consumers are set to spend US$86 billion on overseas products through cross-border e-commerce this year, up 48 percent, said Beijing-based Analysys International.
 
Family groups have become the main drivers in cross-border shopping, and families with kids account for 84 percent of the total group, said Amazon, whose cross-border sales doubled during the Black Friday season from a year ago.
 
The company launched Prime service in China at the start of November, ahead of China’s annual Singles Day shopping spree around November 11.
Source: Shanghai Daily, January 11, 2016
Chinese 2015 GDP revised up to US$9.9t
10th January 2017

 THE National Bureau of Statistics yesterday revised the size of China’s economy in 2015 to 68.91 trillion yuan (US$9.9 trillion), up 354.6 billion yuan from its preliminary figure.

 
Economic growth for 2015 stayed at 6.9 percent, according to a bureau’s statement on its website.
 
The value of the primary industry was revised down to 6.09 trillion yuan in 2015, with the growth rate remaining at 3.9 percent.
 
The value of the secondary industry was revised up to 28.2 trillion yuan, a rise of 148 billion yuan on the preliminary figure, with annual growth revised up to 6.2 percent from 6.1 percent.
 
The value of the tertiary sector was revised up to 34.62 trillion yuan, with growth reaching 8.2 percent.
Source: Shanghai Daily, January 10, 2017

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