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News from China
New five-year plan brings hope to China's west
27th December 2016

 BEIJING - China's new five-year plan on developing its western regions will promote sustainable and healthy development and boost the confidence of overseas investors.

 
Chinese Premier Li Keqiang said on Friday during a meeting that the 13th Five-Year (2016-2020) Plan period is a crucial time for western regions to achieve transformation and upgrading.
 
He said the regions should push forward supply-side structural reform, moderately expand demand, boost innovation, continue to implement the west development strategy, and strengthen coordination between it and other major strategies such as the Belt and Road Initiative and development of the Yangtze River Economic Belt.
 
The fundamental way to develop the regions is by enhancing their endogenous growth through innovation, reform and opening-up, Li said.
 
China launched its "go west" strategy in 2000 to boost economic development of 12 western provincial-level regions -- Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Ningxia, Xinjiang, Inner Mongolia, Guangxi and Qinghai -- that are home to more than 400 million people.
 
Under the strategy, the western regions enjoy support in infrastructure construction, foreign investment, environmental protection, education and talent retention.
 
From 2000 to 2016, the Chinese government invested 6.35 trillion yuan ($914 billion) in 300 major projects, mostly in infrastructure and energy, in western regions.
 
In 2016 alone, 743.8 billion yuan was invested in 30 major projects in western regions, according to the National Development and Reform Commission.
 
China's "go west" strategy has brought western regions to their best period of development in history and promoted coordinated growth of the regional economy, said Gao Xincai, vice president of Lanzhou University in Gansu Province.
 
The total GDP of the 12 regions included in the "go west" strategy accounted for only 17 percent of the country's total in 2000, but the figure had risen to 21.2 percent by the end of 2015, official data showed.
 
As the Chinese economy urgently needs to address entrenched structural imbalances and find sustainable growth momentum in the next five years, new content should be added to the "go west" strategy, said Chen Yao, deputy director of the Research Center on Western Region Development of Chinese Academy of Social Sciences.
 
He noted that the industrial structure in western regions should be transformed into a high value-added and environment-friendly one advocating innovation and technology.
 
Indeed, as Premier Li stressed in the meeting, infrastructure construction and ecological protection are two key elements in promoting the sustainable development of western regions. He urged efforts to protect the environment, improve road and water infrastructure, and ensure the quality of drinking water for rural residents.
 
Li called for efforts to develop an advanced manufacturing sector and emerging sectors, and promote the development of industries with "ethnic characteristics" such as medicine and traditional handicrafts.
 
The new five-year plan also aims to create a healthy investment environment in western regions to help investors, advance government administrative reform and improve services, said Chen.
 
More efforts should be made to streamline administrative approvals, reduce taxation and fees, cut transaction costs, improve the business environment, promote entrepreneurship, and encourage private capital to help develop western regions, according to the plan.
 
In the 16 years since the "go west" strategy was implemented, more overseas investors have come to western China in search of opportunity.
 
More than 200 German companies have set up operations in Sichuan in manufacturing, environmental services, vocational education and other industries, according to the 16th Western China International Fair held in November in Chengdu, Sichuan Province.
 
In addition, more cooperation with eastern China and countries along the Belt and Road is encouraged in the new five-year plan to open the west.
 
Cooperation between eastern and western China has shown itself to be an effective platform for advancing both economic growth and common prosperity, so it needs to be maintained for the long term, said Chen Xiushan, a professor of regional economy at Renmin University of China.
 
He said that more technological, industrial and information resources in regions along the Yangtze River Economic Belt should be channeled into western regions to boost concerted development of eastern, western and central regions and help with poverty-relief measures in the west.
 
Meanwhile, cooperation between western regions and countries along the Belt and Road should also be strengthened, which will attract more investment opportunities and promote personnel and cultural exchanges, Chen added.
Source: China Daily, December 27, 2016
Money gates’ fight asset bubble
26th December 2016

 CHINA needs to keep financial market liquidity stable and regulate its “money gates” to prevent asset bubbles, but it also needs to ensure a lack of liquidity doesn’t cause financial stress, according to a commentary in a newspaper owned by the People’s Bank of China.

 
Policymakers face a dilemma as they need to tighten credit to contain debt and speculative investment without triggering a wave of defaults that could destabilize the financial system.
 
The country’s leaders have called for a “prudent and neutral” monetary policy in 2017 and for prevention of financial risk, while keeping the economy on a path of stable and healthy growth, according to statements following a key economic meeting this month.
 
Monetary policy must support economic growth and ensure liquidity in the interbank market, but also needs to target price stability and pay attention to asset bubbles, Financial News said in the commentary on Saturday. Policies should also be more targeted, it said.
 
“Maintain macroeconomic stabilization policies, strengthen fine-tuning (of policies), but do not implement big stimulus,” the commentary said, but “explore more targeted ways to solve structural problems.”
 
The central bank has not cut interest rates in 14 months and as the economy has proved relatively resilient, it has been guiding money market rates steadily higher to root out speculators.
Source: Shanghai Daily, December 26, 2016
CBRC gives nod to 2 private banks
23rd December 2016

 CHINA’S banking watchdog has approved the launch of two private banks, in Beijing and Jiangsu Province, to better serve the real economy and help finance small enterprises.

 
In a statement to the Shenzhen Stock Exchange, Suning Commerce Group, a major Chinese home appliance retailer, said it has received the green light from the China Banking Regulatory Commission to set up its bank in Nanjing, capital of east China’s Jiangsu Province.
 
Suning has a 30 percent stake in the bank.
 
Meanwhile, shareholders of Zhongguancun Bank said the bank has received regulatory approval.
 
Zhongguancun Bank has a registered capital of 4 billion yuan (US$576 million) and will be established by 11 listed companies in six months. Yonyou Network Technology Co is the largest shareholder, with a 29.8 percent stake.
 
Both banks will provide financial services, mainly to individual clients and micro, small and medium-sized enterprises.
 
The CBRC approved the setting up of five private banks on a trial basis in March 2014, in a bid to further open up the banking sector to domestic and foreign capital.
 
Earlier this year, the banking regulator approved Chongqing-based Fumin Bank, Sichuan-based Xiwang Bank and Fujian-based Huatong Bank.
Source: Shanghai Daily, December 23, 2016
Rosy year for courier industry
21st December 2016

 CHINA’S courier sector grew strongly this year amid efforts to boost consumption and services, the State Post Bureau said yesterday.

 
So far, a total of 30 billion deliveries has been made this year, up 53 percent year on year, continuing its leading position in the world, the bureau said.
 
Courier business revenue was over 354.4 billion yuan (US$51 billion) in the first 11 months of 2016, up 44.3 percent year on year, the bureau said.
 
Bureau data showed 20.65 billion parcels were delivered in 2015, up 48 percent from 2014.
 
Courier services had covered 70 percent of towns and villages by the end of 2015. China will extend this network and lift technology, services and global connections by 2020, the bureau said.
 
The target annual revenue of the courier sector will be 800 billion yuan by 2020.
Source: Shanghai Daily, December 21, 2016

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