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News from China
Top ranking foreign funded enterprises on the up
21st November 2018

 A list of the top foreign companies in Shanghai for 2017 with imports and exports exceeding US$10 million and total profits exceeding US$1.44 million has been released.

 
SAIC Volkswagen Automotive Co ranked first in both revenue and tax payment among foreign enterprises in Shanghai, while Pegatron Technology was the biggest employer and also the top in total value of imports and exports, according to the city’s commission of commerce and Shanghai Association of Foreign Investment.
 
A total of 1,348 foreign enterprises in Shanghai have posted an import and export value over US$10 million and profits exceeding US$1.4 million for the year 2017.
 
The number was up by 11.4 percent, or 138 more than the previous year.
 
“Foreign-funded enterprises in Shanghai are developing steadily in general, and have played a significant role in the city’s economic development in terms of import and export, total industrial output value, taxation and employment,” said Liu Jinping, who is the director of the city’s association of foreign investment.
 
The higher figures compared with last year also indicate the improved investment environment in Shanghai, Liu said.
 
By the end of October this year, Shanghai had attracted a total of 95,000 foreign-funded projects, amounting to US$237.6 billion in actual foreign investment.
 
In 2017, foreign-funded enterprises contributed more than a quarter of the city’s gross domestic product, over one-third of total tax revenue, about two-thirds of imports and exports in foreign trade and also of industrial output, and around 50 percent of the research and development investment of industrial enterprises.
 
Ma Chunlei, director of the city’s Development and Reform Commission, said Shanghai will accelerate the promotion of innovation in the free trade zone as well as expanding it, speed up setting up the technology innovation board on the Shanghai bourse, and make efforts to further develop the integration of Yangtze River Delta.
 
Source: Shanghai Daily, November 21, 2018
Top ranking foreign funded enterprises on the up
21st November 2018

 A list of the top foreign companies in Shanghai for 2017 with imports and exports exceeding US$10 million and total profits exceeding US$1.44 million has been released.

 
SAIC Volkswagen Automotive Co ranked first in both revenue and tax payment among foreign enterprises in Shanghai, while Pegatron Technology was the biggest employer and also the top in total value of imports and exports, according to the city’s commission of commerce and Shanghai Association of Foreign Investment.
 
A total of 1,348 foreign enterprises in Shanghai have posted an import and export value over US$10 million and profits exceeding US$1.4 million for the year 2017.
 
The number was up by 11.4 percent, or 138 more than the previous year.
 
“Foreign-funded enterprises in Shanghai are developing steadily in general, and have played a significant role in the city’s economic development in terms of import and export, total industrial output value, taxation and employment,” said Liu Jinping, who is the director of the city’s association of foreign investment.
 
The higher figures compared with last year also indicate the improved investment environment in Shanghai, Liu said.
 
By the end of October this year, Shanghai had attracted a total of 95,000 foreign-funded projects, amounting to US$237.6 billion in actual foreign investment.
 
In 2017, foreign-funded enterprises contributed more than a quarter of the city’s gross domestic product, over one-third of total tax revenue, about two-thirds of imports and exports in foreign trade and also of industrial output, and around 50 percent of the research and development investment of industrial enterprises.
 
Ma Chunlei, director of the city’s Development and Reform Commission, said Shanghai will accelerate the promotion of innovation in the free trade zone as well as expanding it, speed up setting up the technology innovation board on the Shanghai bourse, and make efforts to further develop the integration of Yangtze River Delta.
 
Source: Shanghai Daily, November 21, 2018
China to build its first cruise liner
20th November 2018

 Waigaoqiao Shipbuilding Co is to build the nation’s first cruise liner following an agreement between parent company China State Shipbuilding Corp, US-based Carnival Corp and Italian shipbuilder Fincantieri.

 
The contract is for two ships to be made for CSSC Carnival Cruise Shipping Ltd, a joint venture established to place orders.
 
The agreement also gives the joint venture the option to order four additional China-built ships.
The first liner will be 323.6 meters long and 37.2 meters wide. With a height of 72.2 meters, the 16-story cruise ship will have a variety of entertainment and recreational facilities. Apart from a dining room, and performance and amusement centers, it will be equipped with a shopping plaza.
 
The 135,550-ton ship will have more than 2,000 cabins. Among them will be 34 suites, 287 seaview rooms and 969 with balconies. It will be able to accommodate up 5,260 passengers and will sail at a maximum speed of 41.85 kilometers per hour after an official launch in September 2023.
 
The second ship will be delivered in December 2024. The two will operate for the new Chinese cruise brand under CSSC Carnival Cruise Shipping Ltd, according to a memorandum of understanding signed by Fincantieri, CSSC and Carnival Corp in February 2017.
 
Waigaoqiao Shipbuilding is aiming to produce three to four cruise ships a year, according to its chief technical officer Tao Ying. The shipbuilder, based in the China (Shanghai) Pilot Free Trade Zone, will start construction of the country’s first cruise ship next year after a year long overhaul of a shipyard.
 
“All-around preparatory work will kick off next year. As cruise shipbuilding is so much different from the cargo ships or container ships that we’ve built before, we have to transform our factory and convert the production flow,” said Tao.
 
The ship will be a floating “paradise” on the sea, which is even more difficult than developing an aircraft carrier, said He Qixing, manager of Waigaoqiao Shipbuilding’s cruise department.
 
Shanghai is expected to handle 25.7 million cruise ship passengers by 2022, according to a report by the Shanghai Academy of Social Sciences.
 
“Shanghai has made great progress in the past decade in developing the cruise economy, bucking the global trend when this relatively new type of tourism was hit by the economic downturn,” said Li Xiaonian, director of the academy’s Maritime Silk Road Research Center.
 
The biggest cruise port in Asia and the fourth largest in the world, Shanghai saw 512 cruise ships depart or dock at its three ports last year, receiving 2.97 million visitors, 43.3 percent of China’s total.
 
Global cruise giants including Carnival Corp, Royal Caribbean and MSC Cruises have made Shanghai a port of call.
 
“The Chinese cruise market saw soaring growth of similar products by almost all global cruise operators trying to expand their business here,” said Cheng Juehao, deputy professor at Shanghai Maritime University and deputy head of the Shanghai International Shipping Institute’s Cruise Economy Research Center.
 
Royal Caribbean Cruise Ltd, the world’s second-largest cruise line, is to operate its Spectrum of the Seas and Oasis of the Seas liners in China. Spectrum of the Seas will be the biggest and most expensive cruise ship in Asia.
 
Costa Cruises, an arm of US-based Carnival Corp, plans to bring two tailor-made ships in 2019 and 2020 to China, according to Mario Zanetti, president of Costa Group Asia. The company introduced cruising to China in 2006 and currently holds 26 percent of China’s cruise market.
 
MSC Cruise, the industry leader in the Mediterranean, South Africa and Brazil, is to operate its MSC Bellissima cruise ship in China, and Genting Group will deploy two 204,000-ton cruise ships that can accommodate 9,500 passengers at the Shanghai port in 2021.
 
Source: Shanghai Daily, November 20, 2018
FTZ reform benefits more businesses
19th November 2018

 The separation of business licenses and administrative approvals in the China (Shanghai) Pilot Free Trade Zone has benefited a growing number of businesses, such as fresh products delivery in new retail, vocational training, medicines from lab to shelf, cosmetics imports, registration of medical devices and the qualification of construction enterprises.

 
Amid the reform, the number of new taxpayers (business entities) in Pudong increased by 29 percent in 2017, compared to the end of 2015.
 
The registration process for the establishment of an enterprise in the free trade zone now takes two days at most.
 
The first-time import of non-special use cosmetics — defined as make-up, hair, skin and nail care products, and perfume — is now subject to record filing that replaces the previous registration and approval system with the time required shortened from three to six months to three to five business days.
 
The number of applications for construction enterprise qualification in 2017 and 2018 has increased by 144 percent and 111 percent respectively compared to 2016.
 
The State Council has decided to promote the reform nationwide.
 
At the same time, a new management approach, mainly the in-event control and subsequent monitoring, is being improved. A government comprehensive monitoring system has been established to ensure the sharing of information among registration, licensing, monitoring and law enforcement departments which involves 21 government agencies in the free trade zone and 108 business sectors.
 
The free trade zone also optimizes its services and is dedicated to building an all-in-one online platform to facilitate company applications and registration.
 
The platform, which went online in March, can cope with all 327 business-related matters in the free trade zone. About 53 percent of these can be approved online. The time taken on average has been shortened from 22 to 3.3 working days.
 
Institutional innovations have inspired entrepreneurship.
 
More than 57,000 new enterprises have registered in the free trade zone since it was established five years ago. Nearly a fifth of these new firms are foreign-invested involving US$25 billion of investment.
 
The separation of business licenses and administrative approvals in the China (Shanghai) Pilot Free Trade Zone has benefited a growing number of businesses, such as fresh products delivery in new retail, vocational training, medicines from lab to shelf, cosmetics imports, registration of medical devices and the qualification of construction enterprises.
 
Amid the reform, the number of new taxpayers (business entities) in Pudong increased by 29 percent in 2017, compared to the end of 2015.
 
The registration process for the establishment of an enterprise in the free trade zone now takes two days at most.
 
The first-time import of non-special use cosmetics — defined as make-up, hair, skin and nail care products, and perfume — is now subject to record filing that replaces the previous registration and approval system with the time required shortened from three to six months to three to five business days.
 
The number of applications for construction enterprise qualification in 2017 and 2018 has increased by 144 percent and 111 percent respectively compared to 2016.
 
The State Council has decided to promote the reform nationwide.
 
At the same time, a new management approach, mainly the in-event control and subsequent monitoring, is being improved. A government comprehensive monitoring system has been established to ensure the sharing of information among registration, licensing, monitoring and law enforcement departments which involves 21 government agencies in the free trade zone and 108 business sectors.
 
The free trade zone also optimizes its services and is dedicated to building an all-in-one online platform to facilitate company applications and registration.
 
The platform, which went online in March, can cope with all 327 business-related matters in the free trade zone. About 53 percent of these can be approved online. The time taken on average has been shortened from 22 to 3.3 working days.
 
Institutional innovations have inspired entrepreneurship.
 
More than 57,000 new enterprises have registered in the free trade zone since it was established five years ago. Nearly a fifth of these new firms are foreign-invested involving US$25 billion of investment.
 
The separation of business licenses and administrative approvals in the China (Shanghai) Pilot Free Trade Zone has benefited a growing number of businesses, such as fresh products delivery in new retail, vocational training, medicines from lab to shelf, cosmetics imports, registration of medical devices and the qualification of construction enterprises.
 
Amid the reform, the number of new taxpayers (business entities) in Pudong increased by 29 percent in 2017, compared to the end of 2015.
 
The registration process for the establishment of an enterprise in the free trade zone now takes two days at most.
 
The first-time import of non-special use cosmetics — defined as make-up, hair, skin and nail care products, and perfume — is now subject to record filing that replaces the previous registration and approval system with the time required shortened from three to six months to three to five business days.
 
The number of applications for construction enterprise qualification in 2017 and 2018 has increased by 144 percent and 111 percent respectively compared to 2016.
 
The State Council has decided to promote the reform nationwide.
 
At the same time, a new management approach, mainly the in-event control and subsequent monitoring, is being improved. A government comprehensive monitoring system has been established to ensure the sharing of information among registration, licensing, monitoring and law enforcement departments which involves 21 government agencies in the free trade zone and 108 business sectors.
 
The free trade zone also optimizes its services and is dedicated to building an all-in-one online platform to facilitate company applications and registration.
 
The platform, which went online in March, can cope with all 327 business-related matters in the free trade zone. About 53 percent of these can be approved online. The time taken on average has been shortened from 22 to 3.3 working days.
 
Institutional innovations have inspired entrepreneurship.
 
More than 57,000 new enterprises have registered in the free trade zone since it was established five years ago. Nearly a fifth of these new firms are foreign-invested involving US$25 billion of investment.
 
The separation of business licenses and administrative approvals in the China (Shanghai) Pilot Free Trade Zone has benefited a growing number of businesses, such as fresh products delivery in new retail, vocational training, medicines from lab to shelf, cosmetics imports, registration of medical devices and the qualification of construction enterprises.
 
Amid the reform, the number of new taxpayers (business entities) in Pudong increased by 29 percent in 2017, compared to the end of 2015.
 
The registration process for the establishment of an enterprise in the free trade zone now takes two days at most.
 
The first-time import of non-special use cosmetics — defined as make-up, hair, skin and nail care products, and perfume — is now subject to record filing that replaces the previous registration and approval system with the time required shortened from three to six months to three to five business days.
 
The number of applications for construction enterprise qualification in 2017 and 2018 has increased by 144 percent and 111 percent respectively compared to 2016.
 
The State Council has decided to promote the reform nationwide.
 
At the same time, a new management approach, mainly the in-event control and subsequent monitoring, is being improved. A government comprehensive monitoring system has been established to ensure the sharing of information among registration, licensing, monitoring and law enforcement departments which involves 21 government agencies in the free trade zone and 108 business sectors.
 
The free trade zone also optimizes its services and is dedicated to building an all-in-one online platform to facilitate company applications and registration.
 
The platform, which went online in March, can cope with all 327 business-related matters in the free trade zone. About 53 percent of these can be approved online. The time taken on average has been shortened from 22 to 3.3 working days.
 
Institutional innovations have inspired entrepreneurship.
 
More than 57,000 new enterprises have registered in the free trade zone since it was established five years ago. Nearly a fifth of these new firms are foreign-invested involving US$25 billion of investment.
 
Source: Shanghai Daily, November 19, 2018

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