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News from China
China's manufacturing activity remains stable in October
31st October 2018

 China's manufacturing sector remained stable in October, official data showed Wednesday.

 
The country's manufacturing purchasing managers' index came in at 50.2 in October, narrowing from 50.8 in September, according to the National Bureau of Statistics.
 
A reading above 50 indicates expansion, while a reading below reflects contraction.
 
"The manufacturing sector, in general, continued to expand at a slower pace," said NBS senior statistician Zhao Qinghe. "The fundamental of the manufacturing sector remains stable."
 
Zhao said the manufacturing supply and demand in October experienced fluctuations due to factors including the National Day holiday and a complicated external environment.
 
Sub-index for production edged down from 53 in September to 52 in October, while the sub-index for new orders dipped from 52 in September to 50.8 in October.
 
Wednesday's data also showed that China's non-manufacturing sector held steady in October, with the PMI for the sector standing at 53.9 in October, down from 54.9 in September.
 
The service sector, which accounts for more than half of the country's GDP, maintained stable growth, with the sub-index measuring business activity in the industry standing at 52.1 in October, down from 53.4 in September.
 
Rapid expansion was seen in industries including postal service, Internet software and telecommunications, where the readings were all above 59, the NBS said.
Source: Shanghai Daily, October 31, 2018
China mulls bigger moves to cut taxes, fees
30th October 2018

 The Chinese government is expected to step up tax and fee reductions for enterprises as part of efforts to bring down the burden on the real economy, according to China Securities Journal.

 
Finance Minister Liu Kun has said enterprises' cost is expected to drop by more than 1.3 trillion yuan (US$188 billion) this year, adding that more large-scale and effective policies are in the pipeline.
 
Planned measures include simplifying tax brackets of value-added tax and lowering social insurance premiums, said the paper.
 
VAT and enterprise income tax, two major parts of the country's taxation system, should be the focus of tax reduction measures, said Liu Shangxi, head of the Chinese Academy of Fiscal Sciences.
 
"The current three VAT brackets could be merged into two and the change should take place as soon as possible," Liu said, adding that the 16-percent rate, the highest bracket followed by 10 percent and 6 percent, should be lowered.
 
Liu suggested China lower the rates of enterprise income tax. "The current general rate is 25 percent, with 20 percent for small companies and 15 percent for high-tech firms, which means there is room for further reduction. The tax policy should also be more standard, fair, and transparent."
 
Apart from cutting taxes, the requirement rate of social insurance premiums is also expected to be cut down to relieve burdens on businesses.
 
Jia Kang, the chief economist of the China Academy of New Supply-side Economics, advised putting China's social insurance premium from different regions into the same "pool" so as to improve capital's mutual aid functions and lower the baseline of endowments in social insurance.
 
China unveiled a string of policies to reduce taxes and fees at the beginning of this year.
 
In September, China saw the slowest growth year-on-year of both fiscal revenue and tax revenue since 2018, with VAT growth down 1.2 percent year on year, data from the Ministry of Finance showed.
 
The room for further tax reductions comes from three aspects — unnecessary fiscal expenditures, imperfect government spending structure, and relatively weak tax collection, Liu said. "If measures are implemented on the three aspects simultaneously, tax reduction will not increase deficit or debts."
 
Source: Shanghai Daily, October 30, 2018
China launches ocean-observing satellite under closer Sino-EU space cooperation
29th October 2018

 China sent an ocean-observing satellite successfully into space on Monday, a joint mission pursued under close Sino-French space cooperation that will enable scientists to study, for the first time, ocean surface winds and waves simultaneously.

 
The China-France Oceanography Satellite, atop a Long March-2C carrier rocket, took off at 8:43am from Jiuquan Satellite Launch Center, in northwest China's Gobi Desert, and entered a sun-synchronous orbit 520 km above the Earth.
 
Jointly developed by the China National Space Administration and the Centre National d'Etudes Spatiales, the French space agency, the satellite will conduct 24-hour observations of global wave spectrum, effective wave height, and ocean surface wind field, said Zhao Jian, a senior official with CNSA.
 
Innovative technologies
 
As the first satellite cooperation between China and France, the satellite is equipped with the world's most advanced technologies.
 
It carries two innovative radar instruments – a wind scatterometer developed by China to measure the strength and direction of winds and a wave spectrometer developed by France to survey the length, height, and direction of waves, according to Wang Lili, chief designer of the satellite with the China Academy of Space Technology.
 
The two instruments will help scientists collect data about winds and waves of the same location simultaneously for the first time, Wang said.
 
Winds generate waves, and waves, in turn, modify the surface layer of the atmosphere above the ocean. Therefore, more and more often, meteorological and wave forecasts take into consideration the modeling and prediction of both ocean surface winds and waves.
 
Related forecasts have been enhanced significantly in the last decade, but the prediction accuracy still needs to be improved, especially in extreme events, such as hurricanes, typhoons, and rapidly evolving storms.
 
The satellite, complementing other existing oceanography satellites, will study the dynamics of waves and how they interact with surface winds, and deepen our understanding of their formation and physical mechanism, said Zhao Jian with CNSA.
 
"It will help increase the observation and prediction of catastrophic sea states, such as huge waves and tropical storms, and provide security support for offshore operations and engineering, ship navigation, fisheries, and coastal management," Zhao said.
 
By gaining new insights into the impacts of winds and waves on the atmosphere-ocean exchanges that play a key role in the climate system, the satellite will also provide basic information for global climate change research, he added.
 
China has previously launched six oceanic satellites, with the first officially approved to be developed in 1997. Two other satellites, the HY-1C and the HY-2B, were also sent into space this year ahead of the satellite.
 
"There are now five China-developed oceanic satellites in orbit, each having its own strength in monitoring ocean color, dynamics or sea states. They will complement each other and form a comprehensive observation network to continuously cover the global oceans for various statistics and with high resolution," Zhao said.
 
"The data they acquire, of remarkable social and economic benefits, will play an important role in protecting ocean environments, exploiting marine resources, preventing and reducing marine disasters, as well as improving marine science research," he said.
 
Source: Shanghai Daily, October 29, 2018
Bill Gates, Jack Ma among confirmed guests for Hongqiao forum
26th October 2018

 Bill Gates, chairman of TerraPower, Jack Ma, chairman of Alibaba Group, William Ding, chairman and CEO of Netease, plus a bunch of other heavyweights in political, industrial and academic circles, have confirmed their attendance at the Hongqiao International Economic and Trade Forum, which will serve as an important part of the upcoming China International Import Expo.

 
To be held on the afternoon of November 5 – the first day of the expo – the forum will consist of three parallel sessions that respectively focus on the topics of “trade and opening,” “trade and innovation,” and “trade and investment."
 
At the parallel sessions, leaders from international organizations, entrepreneurs and academics from home and abroad will deliver speeches and discuss issues on the topics of the parallel sessions and the most concerning problems in the international economy.
 
At the “trade and opening” parallel session, Jean-Paul Agon, chairman and CEO of L'Oréal, John Denton, Secretary General of International Chamber of Commerce, Long Guoqiang, associate director of the Development Research Center of the State Council, and other significant important persons will deliver speeches.
 
At the “trade and innovation” session, Bill Gates, Jack Ma, José Ángel Gurría, Secretary General of Organization for Economic Co-operation and Development, Justin Yifu Lin, director of Institute of New Structural Economics of Peking University, and other renowned people will attend.
 
At the “trade and investment” session, Jim Hackett, president and CEO of Ford Motor Company, Lei Jun, founder, chairman and CEO of Xiaomi Corporation, Dr. Mukhisa Kituyi, Secretary General of the United Nations Conference on Trade and Development, will be present.
Source: Shanghai Daily, October 26, 2018

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