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News from China
Shanghai ranks high in innovative city list
20th April 2018

 SHANGHAI ranks 17th among the world’s 100 most innovative cities.

According to a report released at the China (Shanghai) International Technology Fair that opened yesterday, the city’s ranking was bolstered by its policy and economic environment.
The report, aiming at evaluating the competitiveness of cities worldwide in scientific research and innovation, was issued for the first time.
Shanghai’s high placing echoes the city government’s call for “developing the city into a global innovation hub,” said Feng Chunxiao, of the Shanghai Development and Reform Commission, who wrote the report.
Alongside the city’s efforts to enhance investment in innovation and industrial upgrading, “research into the world’s competition pattern in innovation will help the public and officials know better how to advance the city,” she added.
Shanghai follows San Francisco-San Jose and New York in the United States, which ranked first and second respectively, with London third. Beijing came ninth “as it wins out in scientific investment and the number of the world’s leading technology conglomerates,” Feng said, adding that Shanghai is “especially outstanding in policies and with its convenient opportunities to bolster innovation, and it has a competitive economic structure by nurturing and gathering advanced industries.”
But it is trailing competitors in basic research and the ability to transfer research results into industries, Feng said.
The report also showed domestically Shanghai can learn from Shenzhen, ranked 33rd, and Beijing in developing more technology patents to boost innovation. Hong Kong was 18th, Guangzhou 41st, Hangzhou 77th, and Tianjin 91st.
City’s planners can learn from the report, she added, to enhance development in such factors as patent applications, while the government can enable broader participation from society to boost fundraising and business development for technology companies, Feng said.
The report is expected to be released annually, “which will show how the competition pattern changes and give a reference on Shanghai’s progress into a global innovation hub.”
Source: Shanghai Daily, April 20, 2018
Still no talks over trade dispute between China, US: MOC
19th April 2018


There have not been any bilateral talks over trade frictions between China and the United States, China's Ministry of Commerce said on Thursday.
The United States submitted a file to the World Trade Organization on April 17 claiming that they are willing to negotiate over the trade dispute with China.
The US move follows WTO procedures, which order members to respond to a request for settlement from another member within ten days, said MOC spokesperson Gao Feng.
Gao reiterated that US Section 232 and Section 301 measures to slap tariffs on Chinese products seriously violate WTO rules.
Gao said the two sides have not yet held any bilateral talks over the US Section 301 investigation and the proposed US tariff list on Chinese goods. 
Source: Xinhua. April 19, 2018
Sino-US trade friction's impact on Chinese economy limited, controllable: official
18th April 2018

 Trade frictions with the United States have a limited and controllable impact on the Chinese economy, an official from China's top economic planner said on Wednesday.

"China has prepared multi-level response plans and backup policies for the US-initiated trade frictions," Yan Pengcheng, spokesperson of the National Development and Reform Commission, told a press conference.
Supply-side structural reform and new growth momentum have laid a solid foundation to prepare China for the external impact, he said, citing the reassuring performance of China's economy in the first quarter.
China's economy demonstrated its resilience by delivering a solid start to the year with GDP expanding 6.8 percent year on year at comparable prices in the first quarter, official data showed.
"China, with a population of nearly 1.4 billion, has a huge domestic market, and even if the east goes dark, the west still shines," he said.
"We are confident and capable of sustaining the stable development of our economy," he said.
While certain sectors of Chinese exports will be affected to some extent, consumers and related manufacturers in the United States will pay the price of US protectionism, Yan said.
"We hope to work together with other countries to conform to the trend of the times and create a more favorable environment for globalization and cross-border investment," he said.
Source: Shanghai Daily,April 18, 2018
China's Q1 GDP grows 6.8% year on year
17th April 2018

 The Chinese economy saw a solid start to the year with a 6.8-percent growth in the first quarter, official data showed on Tuesday.

GDP reached 19.88 trillion yuan (US$3.2 trillion) in the first three months of 2018, up 6.8 percent year on year at comparable prices, unchanged from the growth rate in the previous quarter, according to the National Bureau of Statistics.
"The economy is off to a good start," NBS spokesperson Xing Zhihong told a press conference, noting sound momentum in development, steady progress in upgrading, and improved quality and efficiency of the economy.
The GDP growth rate has stayed within the range of 6.7 percent to 6.9 percent for 11 quarters, with the jobless rate and inflation remaining stable, he said.
New businesses and industries continued to grow fast, corporate profit and resident incomes steadily increased, while consumption and services played a bigger role in driving growth, he said.
Services accounted for 56.6 percent of the economy and 61.6 percent of its growth in the first quarter. Final consumption contributed to 77.8 percent of the economic growth, up from 58.8 percent last year.
Meanwhile, increased efforts to reform and open up boosted market confidence, with the manufacturing activity expanding for the 20th straight month in March and the consumer confidence index at a relatively high level, Xing said.
The solid first-quarter performance extended the economic strength of last year, when China's GDP logged 6.9 percent growth, picking up pace for the first time in seven years.
In the first quarter, industrial output and fixed-asset investment growth eased from the January-February period, but retail sales and private investment growth accelerated, the NBS data showed.
Xing attributed the moderation of some indicators to seasonal factors as the Spring Festival came later this year than previous years and affected production.
With seasonality excluded, the positive trend remained unchanged, he said.
"Looking ahead, the favorable conditions and factors to support high-quality development are increasing, and the economy will continue to maintain stable development with a positive outlook," he said.
Speaking of challenges, Xing highlighted possible impacts from rising protectionism, monetary policy adjustments by major economies and financial market turbulence.
"The biggest (difficulty facing China's economy) is uncertainty in the international environment," he said.
The US administration has proposed tariffs on billions of dollars of Chinese goods and, in the latest move to heighten tensions, announced activation of denial of export privileges against leading Chinese telecom equipment maker ZTE Corp.
Xing said China is "fully capable" of handling trade tensions with the United States, citing the country's increasingly domestic-led growth, growing innovation edge, and ample room for development and policy control.
"The economy has plenty of resilience, potential and leeway. The Sino-US trade frictions cannot stump the Chinese economy, nor can they change its sound momentum of sustained and healthy growth," he told reporters.
Source: Shanghai Daily, April 17,2018

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