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News from China
Crackdown on illegal forex trade
28th February 2017

 CHINA’S foreign exchange regulator said yesterday that it has recently uncovered a number of illegal forex trade cases, and vowed to step up market regulation this year.

 
Authorities discovered an underground bank conducting illegal forex transfers worth nearly 50 billion yuan (US$7.3 billion), according to the State Administration of Foreign Exchange.
 
In other cases, companies were found to be evading forex controls by using fake receipts or fabricating trade deals.
 
Many individuals were suspected of money laundering and transferring assets illegally, moving large amounts of money in small sums to avoid scrutiny, according to the SAFE.
 
It pledged to get tough on illegal forex trade to maintain the balance of international payments, while promising to make policies more transparent and advance the opening-up of financial markets.
Source: Shanghai Daily, February 28, 2017
Nokia sees Japan lead demand rally
27th February 2017

 NOKIA sees demand for higher speed 4G network equipment starting to recover this year, led by Japan, the company’s chief executive Rajeev Suri said yesterday as he announced a series of contracts with telecom operators.

 
Speaking at a news conference ahead of the Mobile World Congress in Barcelona, Suri also predicted a new wave of industry consolidation among telecom operators in the US and Indian markets in the course of 2017.
 
“Noise about carrier M&A will heat up dramatically in the United States and India. The pent-up demand for action is there,” Suri said.
 
Nokia and its rivals, Sweden’s Ericsson and China’s Huawei have struggled lately as telecom operators’ demand for faster 4G mobile broadband equipment has peaked, and upgrades to next-generation 5G equipment are still years away.
 
The Finnish firm repeated that while it expected the global networks market to fall around 2 percent in 2017, it spotted growth opportunities in markets such as North America, India and Japan.
 
“We believe that the (overall) primary market in which we compete will be down again... but to be considerably better than last year,” Suri said, anticipating a slower rate of decline.
 
“Investments in 4G, particularly in advanced 4G technology, will pick up in some key markets, such as Japan.”
 
Earlier this month, Nokia reported its profits for the final quarter of last year fell less than expected, helped by cost cuts and the acquisition of Alcatel-Lucent.
 
Nokia has reached a “landmark,” 3-year deal with Telefonica to build networks in London, Suri said yesterday.
Source: Shanghai Daily, February 27, 2017
Local bond issuance backed in FTZs
22nd February 2017

 CHINA will encourage local governments to issue bonds in free trade zones this year, the Ministry of Finance said yesterday.

 
Governments of regions with mature conditions can “actively” issue bonds in FTZs, according to a circular released by the ministry.
 
Local officials were also told to attract more foreign-funded financial institutions to participate in underwriting.
 
To rein in rising debt risks, China overhauled the management of government bonds in 2014, streamlining fundraising channels for local authorities while putting a cap on annual bond issues.
 
New local government bonds cannot exceed the annual caps, the ministry said.
Source: Shanghai Daily, February 22, 2017
China's consumption to maintain strong growth in 2017
21st February 2017

 CHINA will maintain strong growth in consumption this year with deepening supply-side structural reform, Commerce Minister Gao Hucheng said Tuesday.

 
The trend will persist between 2016 and 2020 and feature more online retail sales and consumption of more quality goods and services, he said at a news conference, citing stellar growth in these sectors.
 
Retail sales, a key indicator of consumption, have been growing at double-digit rates annually for years, he said, adding e-commerce has facilitated the spike in consumption.
 
The volume of online retail sales rose 26.2 percent to hit 5.2 trillion yuan (US$755.3 billion) in 2016 over the previous year, he said.
 
Consumption is shifting gears with Chinese consumers buying more expensive and premium products.
 
Over 28 million automobiles were sold in China last year, up 13.7 percent year on year, while new-energy vehicles posted growth of 53 percent, he said.
 
Consumption of services is growing faster than that of goods thanks to rapid expansion in sectors such as catering, housekeeping and care, he added.
 
Consumption has become the primary driver of China's economy since 2014, contributing 64.6 percent to China's GDP growth in 2016, up 4.9 percentage points than in 2015, Gao said.
 
The ongoing supply-side reform will narrow the discrepancy between the supply of goods and services and shifting market demands, unlocking more potential.
 
Retail sales of consumer goods are expected to jump by 10.2 percent year on year to exceed 37 trillion yuan in 2017, contributing more than 70 percent of the country's economic growth, according to an earlier report issued by the China General Chamber of Commerce.
 
In 2017, China will forge ahead with the supply-side structural reform by improving the supply structure and consumption environment, the minister said.
Source: Shanghai Daily, February 21, 2017

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