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News from China
China to halve rates of additional tariffs on some US products
6th February 2020

 China will halve rates of additional tariffs on some US products worth about US$75 billion starting February 14 in a bid to promote the healthy and stable development of Sino-US economic and trade relations, the Customs Tariff Commission of the State Council said on Thursday.

 
Set to come into effect from 1:01pm on February 14, the move will halve the 10-percent and 5-percent rates on a list of US products subject to additional tariffs from September 1, 2019.
 
The list is part of a two-step tariff countermeasure targeting US products worth about US$75 billion. China suspended planned additional tariffs on products in the second list on December 15, 2019.
 
China has decided to halve the tariff rates after the US side announced on January 16 to halve its 15-percent additional tariffs on Chinese products worth some US$120 billion on February 14, according to an unnamed official with the commission quoted in a statement on the Ministry of Finance website.
 
"To ease economic and trade tensions and expand cooperation, the Chinese side decided to adjust related measures accordingly," the official said. "Further adjustment will mainly depend on future development in the economic and trade relations between the two countries. It is our hope that both sides will work together toward ultimately removing all additional tariffs."
 
The commission said other additional tariff measures will continue to be implemented as stipulated and work on tax exemptions for imports from the United States will continue to proceed.
Source: Shanghai Daily, February 6, 2020
Shui On announces rent breaks for commercial tenants
5th February 2020

 Shui On Land Ltd has announced rent concessions for commercial tenants at all of its projects to help brick-and-mortar tenants cope with a downturn in foot traffic caused by an outbreak of coronavirus-related pneumonia. The announcement followed the property developer's donation of 10 million yuan (US$1.43 million) to the Red Cross Society of China's Wuhan branch.

 
Rents, management fees and promotional expenses will be exempted from January 24 to February 29 for all commercial tenants at retail projects developed, operated and managed by Shui On Land in Wuhan, the epicenter of the virus outbreak.
 
Meanwhile, rents, management fees and promotion expenses will be halved from January 24 to February 9 for commercial tenants in other cities including Shanghai, Foshan, Chongqing and Nanjing.
 
The company added that it has also rolled out new disinfection procedures at its properties and will work together with tenants to fight the ongoing epidemic
Source: Shanghai Daily, February 5, 2020
Chinese stocks recover from previous day's nosedive
4th February 2020

 Chinese stocks rebounded on Tuesday morning from the previous day's slump, with overseas capital continuing to pour into mainland markets.

 
The benchmark Shanghai Composite Index added 0.21 percent to close morning trading at 2,752.44 points, while the smaller Shenzhen Component Index jumped 1.74 percent to 9,949.95 points. The ChiNext Composite Index, meanwhile, posted a sharp gain of 3.69 percent to reach 1,862 points, and the blue chip CSI300 index was up 1.34 percent to 3,737.71 points.
 
Mainland markets continued to see an inflow of foreign capital, with the net influx via Stock Connect schemes linking the mainland to Hong Kong reaching nearly 6 billion yuan (US$857 million) in the morning session. Of the total, 1.1 billion yuan flowed in via the Shanghai-Hong Kong Stock Connect, while 4.8 billion yuan cramming into Shenzhen.
 
By sector, pharmaceutical shares, household appliance firms, electric equipment companies and building material stocks all performed well.
 
Source: Shanghai Daily, February 4, 2020
Gilead applies for clinical study of coronavirus treatment compound
3rd February 2020

 Gilead Sciences said it is working with health authorities in China on a clinical study to see whether a new compound remdesivir can be used to treat novel coronavirus 2019-nCoV. 

 
The Center for Drug Evaluation of the National Medical Products Administration received a clinical trials application from the company over the weekend.  
 
The China-Japan Friendship Hospital also said in an official statement that it would carry out studies in disease-stricken Wuhan for use in clinical treatment. 
 
A source familiar with drug evaluation and approval work told Shanghai Daily that these approvals are only for emergency treatment purposes. Once the epidemic is under control, the new drugs will have to file for new clinical data to be used in treatment for other patients and diseases.
 
Remdesivir has demonstrated in vitro and in vivo activity against coronaviruses that are structurally similar to 2019-nCoV. It was first developed as a treatment for Ebola virus and Marburg virus infections.
 
“At the request of treating physicians, and with the support of local regulatory agencies, Gilead has provided remdesivir for use in a small number of patients with 2019-nCoV for emergency treatment in the absence of any approved treatment options," Gilead said in a statement over the weekend. 
 
According to a paper published in the New England Journal of Medicine last week, the condition of a US patient with 2019-nCoV infection showed improvement after treatment with remdesivir.
 
Fosun Pharma said its diagnostics division Shanghai Fosun Long March Medical Science Co is also working on expedited approval for its testing kit for 2019-nCoV. 
 
Several kinds of of nucleic acid reagent test kits for the novel coronavirus had been approved by the National Medical Products Administration and received medical device registration certificates at the end of January.
Source: Shanghai Daily, February 3, 2020

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