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News from China
Plan to lift social sector public services
20th February 2019

 China yesterday unveiled an action plan to improve the quality of public services in the social sector to help establish a strong domestic market.

 
By improving weak links and lifting quality, public services will have a rational supply structure and active social participation by 2020, according to the plan jointly issued by the National Development and Reform Commission and 17 other departments. By then, the country will see an improved role by public services in ensuring people’s well-being, promoting employment and expanding consumption.
 
The average education for the working-age population should reach 10.8 years, and the average life expectancy should be raised to 77.3 years by 2020.
 
The country hopes to have established a basic public service network by 2022, capable of offering more adequate public services in an efficient and convenient manner.
Source: Shanghai Daily, February 20, 2019
Foreign investment surges in Shanghai in Jaunary
19th February 2019

 Shanghai saw the establishment of 563 new foreign-funded projects in January, up 69.1 percent from the same period last year, boosted by a substantial increase of such investment in manufacturing, commercial and technological services, regional headquarters and research and development centers.

 
Total contractual foreign investment surged 197.6 percent to US$10.97 billion, while the actual use rose 33.5 percent to US$1.422 billion, as a cluster of big projects involving foreign investment were launched.
 
There were 552 new foreign-funded projects in the service sector, with an actual use of US$1.284 billion in foreign investment, up 24.8 percent over the same period last year. In the breakdown, commercial service projects absorbed US$645 million, up 66.5 percent, while technological service projects attracted US$146 million, up 263.8 percent. The rest went to other sectors including real estate and trade.
 
Actual foreign investment in the manufacturing sector surged 315.7 percent to US$126 million. At the same time, Shanghai witnessed the establishment of four new regional headquarters by multinational corporations, two new foreign investment companies and two more foreign-funded research and development centers. By the end of January, altogether 674 regional headquarters of multinational corporations had been set up in Shanghai.
Source: Shanghai Daily, February 19, 2019
Foreign investment surges in Shanghai in Jaunary
19th February 2019

 Shanghai saw the establishment of 563 new foreign-funded projects in January, up 69.1 percent from the same period last year, boosted by a substantial increase of such investment in manufacturing, commercial and technological services, regional headquarters and research and development centers.

 
Total contractual foreign investment surged 197.6 percent to US$10.97 billion, while the actual use rose 33.5 percent to US$1.422 billion, as a cluster of big projects involving foreign investment were launched.
 
There were 552 new foreign-funded projects in the service sector, with an actual use of US$1.284 billion in foreign investment, up 24.8 percent over the same period last year. In the breakdown, commercial service projects absorbed US$645 million, up 66.5 percent, while technological service projects attracted US$146 million, up 263.8 percent. The rest went to other sectors including real estate and trade.
 
Actual foreign investment in the manufacturing sector surged 315.7 percent to US$126 million. At the same time, Shanghai witnessed the establishment of four new regional headquarters by multinational corporations, two new foreign investment companies and two more foreign-funded research and development centers. By the end of January, altogether 674 regional headquarters of multinational corporations had been set up in Shanghai.
Source: Shanghai Daily, February 19, 2019
Thousands stranded as UK budget carrier suddenly shuts
18th February 2019

 Hundreds of passengers throughout Europe have been stranded by the abrupt collapse of British regional airline Flybmi.

 
British Midland Regional Limited, which operates as Flybmi, said it’s filing for administration — a British version of bankruptcy — because of higher fuel costs and uncertainty caused by Britain’s upcoming departure from the European Union.
 
“Current trading and future prospects have also been seriously affected by the uncertainty created by the Brexit process, which has led to our inability to secure valuable flying contracts in Europe and a lack of confidence around bmi’s ability to continue flying between destinations in Europe,” the airline said on its website late Saturday.
 
The airline thanked workers for their dedication and said “it is with a heavy heart that we have made this unavoidable announcement.”
 
The airline operated 17 jets on routes to 25 European cities. It employed 376 people in Britain, Germany, Sweden and Belgium and says it carried 522,000 passengers on 29,000 flights last year.
 
Pilots union chief Brian Strutton said the airline’s collapse came with no warning and “is devastating news for all employees.”
 
“Our immediate steps will be to support Flybmi pilots and explore with the directors and administrators whether their jobs can be saved,” he said.
 
Britain is scheduled to leave the EU on March 29 but there are serious doubts about whether the British Parliament will approval the Brexit withdrawal deal that Prime Minister Theresa May negotiated with the EU. That is making it more difficult for businesses to plan for the separation.
 
Flybmi said all flights will be canceled and advised passengers to seek refunds from credit card issuers, travel agents or travel insurance companies.
 
Passengers were told not to travel to the airport yesterday unless they had made arrangements directly with other airlines. Flybmi said it would not be rescheduling passengers on other airlines’ flights.
 
Many passengers were left stranded by the shutdown. Hannah Price told Sky News she was planning to return Monday to Britain from Brussels on Flybmi.
 
“Unfortunately for me, I was supposed to be flying home with them in less than 48 hours to Bristol. I don’t think that’s going to happen now,” she said.
 
The collapse will have a major impact on the Northern Ireland city of Derry, also known as Londonderry, which will lose its only air connection to London. Local officials said they were urgently seeking a new carrier to keep the link open.
 
Flybmi was still seeking customers until the day before its collapse, urging people in a tweet to book flights to Germany for a winter sports holiday.
 
Source: Shanghai Daily, February 18, 2019

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