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News from China
No winner in China-US trade war: Premier Li
20th March 2018

 There will be no winner in a trade war should one happen between China and the United States, Premier Li Keqiang said at a press conference after the conclusion of the annual legislative session.

A trade "war" would go against the principles of trade -- negotiation, consultation and dialogue, according to Li.
China hopes both sides act rationally rather than emotionally, he said.
Last year, China-US trade reached about US$580 billion. Such a substantial trade volume could not have been achieved without business rules and market principles, he said.
"A large trade deficit is not something [that] we want to see," said Li. "What we want is balanced trade, otherwise bilateral trade would not be sustainable."
China is going to further open services and manufacturing, which Li believes will create opportunities for the United States.
Li hoped that the United States will also ease its restrictions on the export of its high-tech and high value-added goods to China.
He added that intellectual property rights will be protected in a strict way.
As the world's largest developing and developed countries, China and the United States are highly complementary in economy, and a stable China-US relationship is in the interests of both countries and the whole world, he said.
China will remain a responsible and long-term investor globally, Li said. "It is unnecessary to worry about China's development."
Source: Shanghai Daily,March 20, 2018
Famous educator remembered on birth centenary
19th March 2018

 A MEMORIAL ceremony was held in Shanghai yesterday to remember Nan Huai-Chin, a cultural master and educator who spent his life promoting traditional Chinese culture.

Over 300 people, including family member, friends and students of Nan, attended the ceremony to mark his 100th birthday at the Hengnan Academy in Pudong. The academy was built in 2006 to promote Chinese culture in the city.
Nan spent a lifetime promoting Confucianism, Buddhism and Taoism by writing over 30 books, which have been translated into eight languages.
“Master Nan’s major contribution is to let Chinese people know how great their own culture is,” said Pia Giammasi, a US translator living in Taiwan. “He worked to prevent some of China’s ancient cultures from becoming extinct and promote these old wisdoms worldwide,” she said.
Dhammachari Lokamitra, a scholar on Buddhism in India, said, “I’ve read some of Nan’s books in English and I think they are very relevant to the modern world, not just in China. His understanding and engagement to the modern world has enormous significance.”
The academy is exhibiting Nan’s calligraphy and other works. Over 130 calligraphy works, couplets and letters are on display. A bronze statue of Nan was also unveiled.
Nan’s first book, The Sea of Zen, was published in 1955.
“Nan’s works attracted a large number of Chinese youngsters,” said Lou Yulie, a professor with the Institute of Chinese Studies at Peking University.
He mediated in cross-Strait relationship in the late 1980s and early 1990s. In 1992, Nan raised investment for the Jinhua-Wenzhou Railway, the first joint-stock railway in China.
He died of pneumonia at the age of 94 in September 2012.
Source: Shine, March 19,2018
Chinese Interpol red notice fugitive jailed for corruption
16th March 2018


A court in east China's Zhejiang Province sentenced a fugitive to seven years in prison for corruption on Thursday.
The fugitive Chen Suiyuan, 52, was accused of embezzling foreign exchange worth 2.43 million yuan (US$380,000) between November 2005 and April 2006 when she worked at the Agricultural Bank of China in Wencheng County, according to the people's court of Wencheng,
She fled to Vietnam with her husband in April 2006, and later lived in Thailand and Myanmar.
Chen was listed on an Interpol Red Notice in October 2016.
In July 2015, her husband returned to China to turn himself in. But Chen refused to do so until her arrest in November.
Chen was also fined 500,000 yuan and the court ordered her to turn in her illegal gains.
Chen's hearing was held in early March and the ruling was announced Thursday.
Source: Shanghai Daily, March 16, 2018
Steady economic growth for start of the year
15th March 2018

 China’s economy showed steady growth in the first two months of the year, as industrial output and consumption grew at a faster pace, while growth in services and investment slowed slightly but remained stable.

Industrial output expanded 7.2 percent year on year over the January-February period, 1 percentage point faster than the pace of December, data from the National Bureau of Statistics showed yesterday.
“The mining industry turned to positive growth and manufacturing developed at a faster pace,” said Jiang Yuan, senior industry statistician at the bureau.
“The high-tech sector showed a 11.9 percent year-on-year growth, which is 4.7 percentage points faster than the growth of industrial output, and consumer goods manufacturing also showed a rapid increase.”
Economists of Australia and New Zealand Banking Group said in a note that improving performance in the state-owned enterprise sector helped to lift industrial production growth.
During January and February, fixed-asset investment grew 7.9 percent year on year, up 0.7 percentage points from the level of the whole year 2017 while falling by 1 percentage point from the same period of last year.
Infrastructure investment, which accounts for over 20 percent of the total fixed-asset investment, rose 16.1 percent year on year for the two months, slowing down slightly but remaining a steady growing trend.
Investment in property development rose 9.9 percent from a year earlier, up 2.9 percentage points from 2017 as a whole, the statistics bureau said.
Mao Shengyong, spokesman for the bureau, said the property market including the overall housing price is relatively stable, and real estate investment maintained a reasonable growth after a period of adjustment and control.
Sales of consumer goods showed active growth, with sales of products related to consumption upgrading soaring.
One of the main contributors to retail sales growth was auto sales. While the total volume of sales only saw modest climb, the average sales price jumped, indicating that the demand for cars is more quality-oriented, according to Mao.
Output of new-energy vehicles surged 178.1 percent year on year during the period, while industrial robots production jumped 25.1 percent, the data showed.
The Consumer Price Index, a main gauge of inflation, rose 2.2 percent in the two months from a year ago, with the margin of increase up 0.5 percentage points from a year earlier.
Foreign trade in January and February rose 16.7 percent year on year to 4.52 trillion yuan (US$716 billion). Imports increased 15.2 percent and exports jumped 18 percent, the bureau said.
Mao said the data indicate a steady and better-than-expected economic growth in general, and the bureau is confident in achieving the goal of a 6.5 percent annual growth in 2018 and creating more jobs.
“The consumption upgrading, as a leading role, is enhancing its positive influence on economy,” Mao said. 
“And the growth of new kinetic energy is conducive to the steady development in economy and the optimization and upgrading of economic structure.”
Meanwhile, conditions for high-quality economic development have prospered, buoyed by the overall economic growth, he added. 
“But we still see challenges in extending this positive growth including the employment pressure especially in traditional industries,” Mao said.
ANZ pointed out that Sino-American trade tensions still pose a near-term risk to China’s growth momentum.
China’s power generation saw faster growth in the first two months, with electricity from clean energy sources expanding at a rapid pace, according to the bureau.
In January and February, power production rose 11 percent, 4.7 percentage points faster than the same period in 2017. The growth was also the highest since August 2013.
Electricity from thermal power plants, which accounts for 77 percent of all the power generation, jumped 9.8 percent, 2.8 percentage points higher than the same period of last year.
Electricity from hydropower plants climbed 5.9 percent, compared with a 4.7 percent decrease registered for the first two months of last year.
Nuclear, wind and solar power production surged 17.9 percent, 34.7 percent and 36 percent respectively. Coal output increased 5.7 percent to 520 million tons, compared with the 1.7 percent year-on-year decline in the first two months of last year.
Natural gas output rose 4.9 percent to 26.19 billion cubic meters, compared with the zero growth registered for the same period of 2017. Crude oil output dropped 1.9 percent, narrowing by 6.1 percentage points from a year earlier.
Amid the drive to restructure and optimize industry, the country aims to reduce overcapacity in traditional sectors such as coal iron, and steel while facilitating growth in emerging areas.
China plans to cut 30 million tons of ineffective steel capacity and 150 million tons of coal capacity this year.

Source: Shanghai Daily, March 15, 2018

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