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News from China
Flexible employment helps fill labor shortages: survey
13th October 2020

 Flexible employment has become a new engine for economic growth and has effectively offset the shortage of jobs caused by the COVID-19 epidemic, an industry study finds.

 
Facing an urgent shortage of manpower in the post-epidemic era, recruiting full-time employees is no longer the only choice for enterprises, online recruiter zhaopin.com said.
 
According to its survey results, more than half of enterprises have chosen to recruit part-time and temporary employees and over a quarter of companies borrow employees from other enterprises.
 
Among the various new forms of flexible employment, the sharing economy, livestreaming economy and digital economy have made outstanding contributions.
 
In the second quarter of this year, livestreaming platforms led the demand for flexible talent recruitment with a staggering growth rate of 347.8 percent, according to Zhaopin.
 
Knowledge services, self-media and life-related distribution service sectors increased recruitment by 75.6 percent, 65.1 percent and 35.4 percent respectively.
 
At the same time, nearly 60 percent of respondents said that flexible employment work suits their skills.
 
However, most professionals (71 percent) say they have only thought about flexible work as an option but have not taken part in any such employment, the survey finds.
Source: Shanghai Daily, October 13, 2020
China's central bank skips reverse repos
12th October 2020

 

 
The People's Bank of China, the country's central bank, skipped open market operations via reverse repos Monday.
 
The banking system reports relatively high liquidity at present, the PBOC said in an online statement.
 
With 60 billion yuan (US$8.94 billion) of reverse repos maturing on the same day, this led to a net liquidity withdrawal of 60 billion yuan from the market.
 
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
 
China will pursue a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.
Source: Shanghai Daily, October 12, 2020
Consumption, services, emerging industries lift China's GDP to 6.1%
20th January 2020

 Amid global growth slowdown, China’s economy delivered a solid performance in 2019 with the continual improvement in the economic structure being one of the bright spots underpinning high-quality development.

 
The gross domestic product grew 6.1 percent year on year to 99.09 trillion yuan (US$14.38 trillion) last year, within the government’s annual target of 6 to 6.5 percent, data from the National Bureau of Statistics showed.
 
A breakdown of the data showed throughout the year, consumption, services and emerging industries accounted for an increasing share of the economy, suggesting continued progress in the country’s economic restructuring.
 
Expanding by 6.9 percent from the previous year to 53.42 trillion yuan, the value-added output of the tertiary industry accounted for 53.9 percent of the economy.
 
Contribution of the tertiary industry to the economic growth stood at 59.4 percent, 22.6 percentage points higher than that of the secondary industry.
 
Consumption remained the Chinese economy’s top growth driver, with its contribution to GDP expansion at 57.8 percent, said NBS head Ning Jizhe.
 
Service consumption kept booming, with its proportion reaching 45.9 percent of the residents’ per capita consumption expenditure, up 1.7 percentage points from the previous year.
 
With the world’s largest middle-income group, there is still large room for China to see the increase of consumption’s proportion in GDP and a bigger share of service consumption in the overall consumption mix, according to Liu Qiao, dean of the Guanghua School of Management at Peking University.
 
While the service industry expanded steadily in both its size and contribution to economic growth, structure of the second industry was also optimized thanks to the sustained efforts on industrial transformation and innovation.
 
In 2019, value-added industrial output expanded 5.7 percent year on year, with the production in high-tech manufacturing industries and strategic emerging industries increasing by 8.8 percent and 8.4 percent, respectively.
 
Fixed-asset investment
 
The annual industrial capacity utilization rate reached 76.6 percent, up 0.1 percentage points from a year earlier.
 
Friday’s NBS data also showed that the investment in high-tech industries led to the overall fixed-asset investment growth, pointing to an improved investment structure.
 
Last year, the fixed-asset investment in high-tech industries registered a growth of 17.3 percent, with that in high-tech manufacturing and service sectors up 17.7 percent and 16.5 percent.
 
Products with high-added value and independent intellectual property rights represented by electronics and information technology have gradually become new growth points and core driving forces of economic restructuring and industrial upgrading, said Zhang Monan, a research fellow of the China Center for International Economic Exchanges.
 
China will promote industrial and consumption upgrading, fully tap into the advantages of its considerable market and give play to the underpinning role of consumption and the pivotal role of investment, according to the annual Central Economic Work Conference.
 
China is not deliberately pursuing particular GDP numbers but is after reasonable economic growth with quality and efficiency, Ning said.
Source: Shanghai Daily, January 20, 2020
Communication satellite of Beijing-based company sent into orbit
16th January 2020

 A broadband communication satellite, developed by a Beijing-based company, was launched from the Jiuquan Satellite Launch Center in northwest China at 11:02am Thursday (Beijing Time).

 
The satellite, the first one of the Beijing-based GalaxySpace, was sent into its planned orbit by a Kuaizhou-1A (KZ-1A) carrier rocket.
 
Deployed in low-Earth orbit (LEO), the satellite has a communication capacity up to 10Gbps. Relative technological tests will be conducted on the satellite.
 
GalaxySpace aims to build a LEO broadband satellite constellation and create a global 5G communication network.
 
KZ-1A is a low-cost solid-fuel carrier rocket with high reliability and a short preparation period. The rocket, developed by a company under the China Aerospace Science and Industry Corporation, is mainly used to launch LEO small satellites.
 
Thursday's launch is the eighth mission of the KZ-1A carrier rocket.
Source: Shanghai Daily, January 16, 2019

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