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News from China
Lujiazui plans global asset platform
8th February 2018

 Lujiazui, the commercial and financial center of Shanghai, plans to set up the Global Asset Management Association of Lujiazui in the first half of this year.

 
More than 60 global asset-management institutions, including BlackRock, Fidelity International and JPMorgan, attended a preparatory meeting in Lujiazui on Tuesday.
 
The association aims to establish an exchange platform for global asset-management institutions to help them to set up in Lujiazui and understand China’s asset-management industry.
 
Yuan Yefeng, director of Lujiazui Financial City Authority’s department for finance, shipping and innovation, said the association would attract more leading asset-management organizations to do business in Shanghai.
 
Currently, over 60 overseas asset-management institutions have subsidiaries or plan to set up branches in Lujiazui. Nine of the top 10 global asset-management institutions have wholly foreign-owned enterprises in Lujiazui.
 
By next year, China will have the world’s second-largest asset-management market after the United States, with more than US$17 trillion of assets under management by 2030, up from US$2.8 trillion in 2016, according to Casey Quirk, which advises investment-management businesses.
 
In September 2016, JPMorgan set up a wholly foreign-owned enterprise in the Shanghai free trade zone with the first asset-management license for a foreign company in China.
 
The license allows a foreign firm to offer onshore fixed-income, equity and multi-asset private funds to both institutional and high-net worth investors in China.
 
“There was only one member of staff when the wholly foreign-owned enterprise was founded, but now there are 13. We are growing fast,” said Zhou Lingling, deputy general manager with JPMorgan Asset Management (Shanghai) Ltd.
 
“We are confident of our performance in China, and we will seize every chance in this market,” said Zhou. She said China is expected to become the largest asset-management market in the next five to 10 years.
 
“We are so glad to be a member of the coming Global Asset Management Association of Lujiazui. I believe it will be a great exchange platform for financial institutions like us,” Zhou said.
 
Last July, UBS Asset Management became the first international manager with a Qualified Domestic Limited Partner quota to receive a private fund management license in China.
 
Given the license, UBS is able to provide a broad range of services to onshore and global investors, and to work more closely with subsidiaries of global firms in China to meet their domestic investment needs.
 
Gao Ting, head of China strategy at UBS Securities Equity Research, said at the preparatory meeting that with China’s efforts to open up its capital markets, its yuan-denominated A shares will be included in the MSCI indexes in June, making China’s stock market more important for both onshore and offshore investors.
 
Meanwhile, Chen Ting, general manager with BlackRock Investment Management (Shanghai) Co, also showed her passion for the Chinese market.
 
“Given the opening-up policies and the pleasant business environment, Lujiazui Financial City in Shanghai will be the first choice for global financial companies to do business in China,” Chen said.
 
At the World Economic Forum in Davos last month, China reiterated its commitment to opening banking, securities and insurance sectors.
 
Global investment managers like JPMorgan and Vanguard are eying a share of China’s public fund market as well as China’s pension market, according to Chen. “I hope foreign investment managers like us will be allowed to manage China’s public fund in five to 10 years,” she said.
Source: Shanghai Daily, February 8, 2018
4 killed, over 200 injured in Taiwan earthquake
7th February 2018

 Four people were killed and 225 were injured by 7:30am Wednesday after a 6.5-magnitude earthquake hit Taiwan.

According to the China Earthquake Networks Center (CENC), the earthquake jolted waters near Taiwan's Hualien County at 11:50pm Tuesday.

The epicenter was monitored at 24.13 degrees north latitude and 121.71 degrees east longitude, with a depth of 11 kilometers, said CENC.

The victims include a 66-year-old male and a 60-year-old female.

A total of 236 people have been rescued but there are still 148 people missing with 143 trapped in Yun Men Tusi Ti building, according to the local disaster relief administration.

Two shelters have been set up, the local fire department said.

The injured people have been sent to hospitals.

The earthquake was felt across Taiwan, with some buildings, roads and bridges in Hualien damaged.

The earthquake also caused 200 households out of power and 35,000 households out of water supply, the fire agency said.

According to the Taiwan's emergency operation center, a total of four buildings have partially collapsed or tilted, including Marshal Hotel, Yun Tsui building and two residential buildings.

The quake caused the Marshal Hotel in Hualien to cave in, with its first two floors fallen into the ground.

The highway from Suao to Hualien was temporarily closed.

It's reported that the earthquake-stricken area is in shortage of heavy machinery and professional disaster relief vehicles.

The earthquake was followed by a series of aftershocks including several measured over 5-magnitude.

Since February 4, more than 100 sensible earthquakes have jolted the area. Taiwan's earthquake experts said more quakes might happen in the coming weeks.

Source: Shanghai Daily, February 7, 2018
Spring Festival holiday retail sales expected to rise 10%
6th February 2018
Total earnings of retail and catering enterprises in China are expected to surge by 10 percent year on year during the week-long Spring Festival holiday starting from February 15, Ministry of Commerce said Tuesday.
 
Sales revenue of these enterprises could reach 900 billion yuan (US$143 billion) during the 2018 Spring Festival holiday period, Vice Minister of Commerce Wang Bingnan told a press briefing.
 
China's domestic demand has steadily expanded, with consumption contributing 58.8 percent to economic growth in 2017, nearly four percentage points higher than five years ago.
 
Meanwhile, the added value of the service sector accounts for 60 percent of GDP, more than five percentage points higher than five years ago.
Source: Shanghai Daily, February 6, 2018
18 injured as man crashes van loaded with 'dangerous materials' on sidewalk at People's Park
2nd February 2018

 

 
Eighteen were injured after a van on fire lost control and drove onto a pavement near People’s Park in downtown Shanghai on Friday morning, police said.
 
The incident took place about 9am on Nanjing Road W. near Xinchang Road, and the van, with a plate from Jiangxi Province, was driving from west to east.
 
The driver of the van, a 40-year-old man surnamed Chen, was suspected of illegally transporting “dangerous materials” and smoking when driving, which caused the van to catch fire, according to police.
 
Besides Chen, 17 pedestrians were injured in the accident, but their injuries were not critical.
 
Chen is an employee of a metal product company in Shanghai and has no criminal record, police said.
 
Investigation is underway.
Source: Shanghai Daily, February 2, 2018

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