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News from China
China stresses keeping prudent monetary policy more flexible, appropriate
3rd September 2020

 

 
The State Council, China's cabinet, on Wednesday stressed efforts to pursue a prudent monetary policy in a more flexible and appropriate way in order to promote steady economic and financial operation.
 
It emphasized the need to maintain policy strength and sustainability, refrain from resorting to a deluge of strong stimulus policies, and channel funds into the real economy, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang.
 
The State Council also specified rules on the establishment of financial holding companies to better serve the real economy.
 
In terms of air pollution control in the Beijing-Tianjin-Hebei region and its neighboring areas, the meeting stressed enhancing the clean use of coal and accelerating the transformation and upgrading of the steel, coking, petrochemical and construction materials and other industries.
 
Efforts should be made to develop the eco-friendly industries and circular economy, strengthen international cooperation, and achieve economic growth and environmental protection at the same time, the statement said.
 
Two nuclear-power projects with a total investment of 70 billion yuan (US$10.24 billion) were approved at the meeting. Pushing ahead with nuclear power projects is an important measure to expand effective investment, enhance energy support and reduce greenhouse-gas emissions, the statement said.
Source: Shanghai Daily, September 3, 2020
Lingang sets it's sights on FTZ growth outlook
2nd September 2020

 Lingang, a special area of the Shanghai free trade zone, will be the test ground to pioneer enhanced implementation of competition policies after it won the support of the state market regulator.

 
Eleven policies were issued yesterday, which were jointly made by the Shanghai Municipal Administration for Market Regulation and the Lingang Special Area Administrative Committee.
 
Days before, the State Administration of Market Supervision approved Shanghai to carry out the pilot scheme in Lingang. Competition policy refers to all rules and measures to protect and promote market competition.
 
Its core is to respect the competition law of market economy and give full play to the decisive role of market mechanism in resource allocation.
 
“The 11 policies include anti-monopoly ‘special drugs’ and ‘vitamins’ to stimulate market vitality,” Wang Zheng, deputy director of the anti-monopoly office of the city’s market regulation administration told Shanghai Daily.
 
Article 1 is the pilot of a concentrated anti-monopoly review system for market players. Previously, applicants had to go to Beijing to submit paperwork.
 
In future, this review will be applied and approved in Shanghai, the process will be optimized, and the enterprises will greatly reduce the time and other costs.
 
Article 3 is about creating a fair competition review mechanism.
 
On the basis of the previous joint conference system, the third party evaluation is introduced.
 
It also seeks to establish a joint review system for major policy making to eliminate and abolish the provisions restricting competition from the source.
 
“They are special drugs against monopoly,” said Wang.
 
For “vitamins,” Article 11 advocates the promotion of fair competition. Shanghai is expected to issue the first national competition compliance standard soon.
 
The 11 policies will improve the framework system of competition policy, enrich the implementation tools of competition policy, further create a market-oriented, legal and international business environment, enhance market vitality and endogenous market power, and build a new system of higher level open economy, according to the administration’s study.
 
Source: Shanghai Daily, September 2, 2020
World CFOs more upbeat on China's economy than that of US: survey
1st September 2020

 The world's leading chief financial officers struck a more positive tone for China's economic outlook than that for the United States, the first time in the history of the corps of executives, the Q3 CNBC Global CFO Council Survey has showed.

 
In the survey, global CFOs viewed China's GDP as "Stable," compared with "Modestly Declining" for that of the United States. They upgraded the rest of Asia and the Eurozone from "Modestly Declining" in the second quarter to "Stable" in the third quarter and Latin America from "Strongly Declining" to "Modestly Declining."
 
But the US economy was seen as "Modestly Declining" for the second consecutive quarter, showed the survey.
 
In the second quarter, China's gross domestic product expanded by 3.2 percent year on year, reversing a 6.8-percent contraction in the previous quarter. China's fiscal revenue marked the first expansion this year by gaining 3.2 percent year on year in June, while the contraction of the retail sector declined markedly.
 
The US economy suffered its worst period ever in the second quarter, with GDP falling a historic 32.9 percent, according to the Commerce Department's first reading on the data.
 
"China's bounceback comes as the country deals with the double-whammy of the pandemic and heightened tensions with the United States over trade, technology and geopolitics. It has been spurred by ramped up government stimulus to combat the coronavirus-led downturn," said the survey.
Source: Shanghai Daily, September 1, 2020
Top pharmaceutical firms see 10.7% revenue growth in 2019
31st August 2020

 The top 100 Chinese pharmaceutical enterprises recorded 10.7 percent annual growth in combined operating revenue last year, reaching 929.6 billion yuan (US$132.8 billion), according to industry data.

 
They made up as much as 36 percent of the total pharmaceutical market in China, which posted 8 percent revenue growth in 2019, down 4.7 percentage points from a year earlier.
 
The annual ranking by the China National Pharmaceutical Industry Information Center shows dominant players are becoming even stronger and as many as 27 companies recorded yearly revenue beyond 10 billion yuan, up from only 16 in 2015.
 
The top 10 players contribute 11.8 percent of the total revenue of the pharma industry, showing great progress in industry upgrading and restructuring.
 
Five out of the seven new entrants are domestic players as they managed to raise market share with more accessible price.
 
Research efforts have boosted top players' presence in the industry and their average research and development spending went up 20 percent from a year earlier to 550 million yuan.
 
A total of 82 companies on the top 100 list are domestically funded, including public and private ones, and the number of listed companies has also climbed from 24 in 2015 to 61 in 2019.
 
Most multinational drug firms are also playing important roles in China and are actively responding to new policies and market trends, with health authorities also welcoming innovative drugs for unmet medical needs.
 
"The ChiNext board also attracted a number of startups and a total of 35 biopharma companies have listed as of mid-August to boost business vitality and push for new initiatives," said China National Pharmaceutical Industry Information Center Director Guo Wen.
Source: Shanghai Daily, August 31, 2020

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