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News from China
China's services imports to exceed US$2.5t in next 5 years
6th November 2018

 China's cumulative services imports are expected to exceed US$2.5 trillion in the next five years, a Ministry of Commerce report showed Tuesday.

 
The country's services imports will account for more than 10 percent of the global services imports, contributing over 20 percent to the growth in the global total in the coming five years, according to the report.
 
During the period, China will see over US$700 billion of cumulative imports in emerging services, including charges for the use of intellectual property, telecommunications, computer and information services, financial services, and personal cultural and recreational services, the report showed.
 
"This will provide a broader market, more valuable cooperation opportunities and greater benefits for the world," said Xian Guoyi, head of the MOC's department of trade in services and commercial services, at a press conference held during the first China International Import Expo.
 
China has seen fast growth in imports of services since its entry to the World Trade Organization. Its services imports surged to US$467.6 billion in 2017 from US$39.3 billion in 2001, with its global share increasing to 9 percent from 2.6 percent, MOC data showed.
 
"We will continue to expand the opening up of the services sector, improve the service system for services imports, create a sound market environment, deepen multilateral and bilateral trade cooperation, and increase imports of high-quality services," Xian said.
 
An array of advanced services provided by foreign firms, including financial and health care services, are on display at the six-day CIIE, which opened Monday.
 
Source: Shanghai Daily, November 6, 2017
World Bank praises Shanghai's business reforms, opening-up
2nd November 2018

 The World Bank has given a strong thumbs-up on Shanghai’s progress in cutting red tape and introducing reforms to improve the business environment over the past year.

 
The findings in the bank’s latest global assessment are of great significance and further highlight the soft power of Shanghai in the competition among global cities, the Shanghai Development and Reform Commission said Thursday.
 
“A more international, law-based and convenient business environment is of great importance in boosting market confidence,” said a commission spokesman. “This confidence comes from the predictability for larger enterprises with respect to the freedom of operation, as well as the effectiveness of the deepening the administrative reform of the government in streamlining administration, delegating power, strengthening regulation and improving service.”
 
China now ranks 46 out of the 190 countries and regions ranked in the World Bank report released late Wednesday, up from 78 last year. As China’s business capital, the bank gives Shanghai a weighting of 55 percent and Beijing 45 percent.
 
It says Shanghai has made remarkable progress in developing an international, law-based and convenient business environment.
 
The report says the number of procedures required to start a business in the city has been cut to four from seven and the processing time shortened from 22 days to nine.
 
The steps for a business to obtain a permanent electricity connection for a newly constructed warehouse has been reduced from five to three, the average time required slashed from 145 days to 34, and the cost for small and micro users cut from 192,000 yuan (US$27,641) to nothing. 
 
Procedures for construction permits have been reduced from 23 to 19, the processing time from 279 days to 169.5, and the cost from nearly 200,000 yuan to 70,000.
 
From January to September this year, a total of 307,811 market entities were set up in the city, up 13.9 percent year on year. On average 1,333.5 new enterprises were set up each day, an increase of 12.97 percent year on year.
 
And the number of new foreign-funded projects, contractual foreign investment and actual foreign capital all grew in the first nine months.
 
Since entering the new era, the city has thoroughly deepened its reform and opening-up and has scored well in many internationally recognized evaluations.
 
Shanghai ranked ninth in the Globalization and World Cities Research Network survey, fifth in Long Finance’s Global Financial Centres Index, and fourth in the Global international Shipping Center Index.
 
“The business environment can always be better,” the commission said.
 
For the next step, Shanghai will aim to further develop the business environment to be the most convenient for trade and investment, to have the highest administrative efficiency, the best regulated services and management and a perfectly optimized legal system.
 
Source: Shanghai Daily, November 2, 2018
World Bank praises Shanghai's business reforms, opening-up
2nd November 2018

 The World Bank has given a strong thumbs-up on Shanghai’s progress in cutting red tape and introducing reforms to improve the business environment over the past year.

 
The findings in the bank’s latest global assessment are of great significance and further highlight the soft power of Shanghai in the competition among global cities, the Shanghai Development and Reform Commission said Thursday.
 
“A more international, law-based and convenient business environment is of great importance in boosting market confidence,” said a commission spokesman. “This confidence comes from the predictability for larger enterprises with respect to the freedom of operation, as well as the effectiveness of the deepening the administrative reform of the government in streamlining administration, delegating power, strengthening regulation and improving service.”
 
China now ranks 46 out of the 190 countries and regions ranked in the World Bank report released late Wednesday, up from 78 last year. As China’s business capital, the bank gives Shanghai a weighting of 55 percent and Beijing 45 percent.
 
It says Shanghai has made remarkable progress in developing an international, law-based and convenient business environment.
 
The report says the number of procedures required to start a business in the city has been cut to four from seven and the processing time shortened from 22 days to nine.
 
The steps for a business to obtain a permanent electricity connection for a newly constructed warehouse has been reduced from five to three, the average time required slashed from 145 days to 34, and the cost for small and micro users cut from 192,000 yuan (US$27,641) to nothing. 
 
Procedures for construction permits have been reduced from 23 to 19, the processing time from 279 days to 169.5, and the cost from nearly 200,000 yuan to 70,000.
 
From January to September this year, a total of 307,811 market entities were set up in the city, up 13.9 percent year on year. On average 1,333.5 new enterprises were set up each day, an increase of 12.97 percent year on year.
 
And the number of new foreign-funded projects, contractual foreign investment and actual foreign capital all grew in the first nine months.
 
Since entering the new era, the city has thoroughly deepened its reform and opening-up and has scored well in many internationally recognized evaluations.
 
Shanghai ranked ninth in the Globalization and World Cities Research Network survey, fifth in Long Finance’s Global Financial Centres Index, and fourth in the Global international Shipping Center Index.
 
“The business environment can always be better,” the commission said.
 
For the next step, Shanghai will aim to further develop the business environment to be the most convenient for trade and investment, to have the highest administrative efficiency, the best regulated services and management and a perfectly optimized legal system.
 
Source: Shanghai Daily, November 2, 2018
Advance AI to spur economy, Xi urges
1st November 2018

 Xi Jinping, general secretary of the Communist Party of China Central Committee, on Wednesday called for stepping up efforts to develop the new generation of artificial intelligence technology to inject a fresh driving force into the country's high-quality economic growth.

 
Xi, also president, made the call while presiding over a group study session of the Political Bureau of the CPC Central Committee on the development of AI.
 
Xi stressed that China is in urgent need of major technological innovation such as the new generation of AI as its economy has been transitioning from rapid growth to high-quality development-a pivotal stage for changing the economic growth model, improving economic structure and fostering new growth drivers.
 
AI should play an important role in the reform for better quality, higher efficiency and more robust drivers of growth, Xi said.
 
He called for reforms of various industries by taking advantage of AI technologies and fostering new growth areas and drivers of growth in medium to high-end consumption, innovation-driven growth, the green and low-carbon economy, sharing economy, modern supply chains and human capital services.
 
Xi hailed AI as a key driving force for a new round of technological revolution and industrial reform.
 
Highlighting the significance of speeding up AI development, Xi said more solid and coordinated efforts should be made to promote integration of the technology with socioeconomic growth, and advance healthy development of the new generation of AI.
 
AI is emerging as an important factor to profoundly influence economic growth, social progress and the international political and economic landscape, he said.
 
In developing AI technologies, Xi said, the emphasis should be on strengthening innovations and creativity, and the main direction for all-out efforts should be having a good command of key core technologies.
 
He called for more input in theoretical research in AI development to ensure the country takes the lead in the field and commands cutting-edge technologies.
 
Application of AI technologies to socio-economic development should be intensified to advance the industrialization of the technologies so as to create good momentum for the integration of technological innovations with industrial applications, Xi said.
 
Xi stressed cultivating professionals in AI development, and said more forceful measures should be taken to develop high-level talent in the field.
 
Source: Shanghai Daily, November 1, 2018

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