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News from China
China to allow non-property enterprises, villages to build houses
16th January 2018

 China will allow non-real-estate enterprises and villages to build houses on the land they own to boost housing supply.

 
A total of 13 cities including Beijing, Shanghai, Nanjing, Hangzhou and Xiamen are pilot regions where villages can build rental houses on land under collective ownership, either by themselves or by partnering with others, according to the national land and resources work conference held Monday.
 
Rural housing land still belongs to the collective village entity and farmers will be allowed to use it for housing and other purposes, said land and resources minister Jiang Daming.
 
The decision is considered a major step in nurturing a sustainable property market as the government used to be the only legitimate supplier of land for housing purposes.
 
The houses should be used for living rather than investment, and urban residents will not be allowed to buy rural housing land, which is banned for extravagant apartments such as villas, Jiang said.
Source: Shanghai Daily, January 16, 2018
China to allow non-property enterprises, villages to build houses
16th January 2018

 China will allow non-real-estate enterprises and villages to build houses on the land they own to boost housing supply.

 
A total of 13 cities including Beijing, Shanghai, Nanjing, Hangzhou and Xiamen are pilot regions where villages can build rental houses on land under collective ownership, either by themselves or by partnering with others, according to the national land and resources work conference held Monday.
 
Rural housing land still belongs to the collective village entity and farmers will be allowed to use it for housing and other purposes, said land and resources minister Jiang Daming.
 
The decision is considered a major step in nurturing a sustainable property market as the government used to be the only legitimate supplier of land for housing purposes.
 
The houses should be used for living rather than investment, and urban residents will not be allowed to buy rural housing land, which is banned for extravagant apartments such as villas, Jiang said.
Source: Shanghai Daily, January 16, 2018
China to enhance scrutiny on banks
15th January 2018

 China will step up oversight in the banking sector this year to reduce financial risks, the banking regulator said, stressing that long-term efforts would be needed to control banking sector chaos.

 
The China Banking Regulatory Commission said late on Saturday in a statement that its priorities included enhancing supervision over shadow banking and interbank activities.
 
“Banking shareholder management, corporate governance and risk control mechanisms are still relatively weak, and root causes creating market chaos have not fundamentally changed,” the CBRC said.
 
“Bringing the banking sector under control will be long-term, arduous, and complex,” it said.
 
The CBRC said stricter punishment will be imposed for violating corporate governance, property loans, and disposal of non-performing assets, and that it would strengthen risk control in interbank activities, financial products and off-balance sheet business.
 
China has repeatedly vowed to clean up disorder in its banking system.
 
In recent months, regulators have introduced a series of new measures aimed at controlling risk and leverage in the financial system, with everything from lending practices to shadow banking under the microscope.
 
In January, the CBRC published regulations that cap the number of commercial banks that single investors can have major holdings in.
Source: Shanghai Daily, January 15, 2018
World economy likely to grow more than 3 percent this year, says Shanghai think-tank
11th January 2018
The world economy is likely to grow more than 3 percent this year after it expanded a better-than-expected 2.9 percent  in 2017, the Shanghai Academy of Social Sciences said in its world economic report released today.
 
The academy estimated the world economy to grow 3.12 percent in 2018 and 3.31 percent in 2019, while China's gross domestic product may expand 6.7 percent this year.
 
The academy based its forecast on a recovery in the US, Japan and the eurozone, as well as stable expansion in emerging markets like China which contributed one third to the global growth.
 
“The world economic performance is set to improve with developed countries gradually moving out of the shadow of the 2008 global financial crisis,” said Quan Heng, director of the Institute of World Economy under SASS.
 
The growth in the US is predicted to be 2.4 percent for this year, and the eurozone may grow 1.94 percent. Japan may achieve a growth of 1.1 percent amid strong imports and consumption demand.
 
The report, however, cautioned that potential geopolitical crisis, uncertainties of interest rate increases in the US and its tax reform, trade conflict, and industrial transformation arising from technologies like artificial intelligence are predicted to impact the world economy profoundly this year.
 
On a brighter note, the Belt and Road initiative, proposed by President Xi Jinping, is set to inject new growth into the world economy, the report said.
Source: Shanghai Daily, January 11, 2018

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