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News from China
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
Chinese mainland reports 9 new COVID-19 cases, all imported
28th August 2020

 No new locally transmitted COVID-19 cases were reported on Thursday across the Chinese mainland, the National Health Commission said on Friday.

 
A total of nine confirmed cases arriving from outside the mainland were reported on Thursday, with four in Sichuan, three in Shanghai and one each in Fujian and Guangdong, the commission said in its daily report.
 
Two new suspected cases, also imported from outside the mainland, were reported in Shanghai.
 
No deaths related to the disease were reported Thursday, the commission said.
 
On Thursday, a total of 45 COVID-19 patients were discharged from hospitals after recovery, the commission said.
 
By the end of Thursday, a total of 2,464 imported cases had been reported on the mainland. Of them, 2,271 had been discharged from hospitals after recovery, and 193 remained hospitalized, with four in severe condition. No deaths from the imported cases had been reported.
 
As of Thursday, the total number of confirmed COVID-19 cases on the mainland had reached 85,013, including 288 patients who were still being treated, with four in severe condition.
 
Altogether 80,091 people had been discharged after recovery, and 4,634 had died of the disease on the mainland, the commission said.
 
There were still three suspected COVID-19 cases on the mainland, it added.
 
According to the commission, 10,040 close contacts were still under medical observation after 1,654 were discharged on Thursday.
 
Also on Thursday, 16 new asymptomatic cases, all from outside the mainland, were reported, and two asymptomatic cases were re-categorized as confirmed ones.
 
The commission said 358 asymptomatic cases, including 313 from outside the mainland, were still under medical observation.
 
Source: Shanghai Daily, August 28,2020
China's industrial profits up 19.6% in July
27th August 2020

 Profits of China's major industrial firms in July totaled 589.5 billion yuan (US$85.56 billion), increasing by 19.6 percent year on year, data from the National Bureau of Statistics showed on Thursday.

The growth widened 8.1 percentage points from that in June, said NBS senior statistician Zhu Hong.

With the implementation of policies and measures to coordinate epidemic prevention and control with economic and social development, the industrial sector continues to improve and firms' profits continue to see rapid recovery growth, according to Zhu.

In the first seven months of the year, the profits of major industrial firms declined 8.1 percent to 3.1 trillion yuan, narrowing 4.7 percentage points from that in the first six months.

Specifically, profits of state-owned industrial firms dropped 23.5 percent from one year earlier to 783.81 billion yuan, while those of private ones shrank 5.3 percent year on year to 888.34 billion yuan.

During the period, profits of the mining industry slumped 41.6 percent, and manufacturing industry profits decreased by 4.5 percent.

Profits in 12 of the 41 surveyed industrial sectors rose compared with one year earlier, while 29 sectors saw their profits fall, according to the NBS.

Major industrial companies refer to those with an annual business turnover of at least 20 million yuan.

Source: Shanghai Daily, August 27, 2020

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