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News from China
Red Notice fugitive back in China to face the law
3rd August 2020


A Chinese fugitive suspected of perpetrating duty-related crimes has returned to China to face the law, China's top anti-graft authority said Monday.
Qu Zhilin, former chief of a community-level branch committee of the Communist Party of China (CPC) in Qingdao, east China's Shandong Province, fled overseas in February 2018, according to a statement by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission. Qu has surrendered his embezzled money to the authorities.
In July 2018, the Licang District supervisory commission in Qingdao launched an investigation against Qu, and he was listed on the Interpol Red Notice in March 2020, the statement said.
Calling Qu's surrender an important achievement in China's continued manhunt for duty-related crime suspects, an official in charge of fugitive repatriation and asset recovery said China will step up efforts to hunt down fugitives who had worked at grassroots levels or in fields related to people's livelihood, and never allow corrupt criminals to go scot-free.
Source: Shanghai Daily, August 3, 2020
China's manufacturing PMI up to 51.1 in July
31st July 2020

 The purchasing managers' index for China's non-manufacturing sector came in at 54.2 in July, down from 54.4 in June, the National Bureau of Statistics said Friday.

A reading above 50 indicates expansion, while a reading below it reflects contraction.
The non-manufacturing PMI has remained above 50 for five months in a row, data from the NBS showed.
In July, the service sector sustained its recovering momentum, with the sub-index for business activities standing at 53.1, while the business expectation reading for the sector ticked up 2.4 points from the previous month to 61.4.
The accelerated restoration of the service sector was a result of local governments' pro-consumption policies that aimed to mitigate the impacts of the COVID-19 epidemic, said NBS senior statistician Zhao Qinghe.
The sub-index for the construction sector's activity rallied to 60.5 in July from 59.8 in June, returning to a relatively high expansion level, Zhao said.
Friday's data also showed the PMI of China's manufacturing sector rose to 51.1 in July from 50.9 in June.
Source: Shanghai Daily, July 31, 2020
Fed's Powell: Recovery depends on stopping virus, government relief
30th July 2020

 The resurgence in coronavirus cases in recent weeks is weighing on US economic activity, and a recovery will depend both on checking the virus and government aid, Federal Reserve Chair Jerome Powell said on Wednesday.

Halting the spread of COVID-19 is key as American consumers will not start spending again until they feel it is safe to do so, Powell said, but in the meantime some additional support will be needed to make it through the worst crisis in recent memory.
With the United States' case count on the rise and recent indicators showing the tentative rebound from the downturn may be stalling, the policy-setting Federal Open Market Committee held the benchmark lending rate at zero as expected.
The committee stressed the "tremendous human and economic hardship" caused by the pandemic, and the uncertainty about the coming months.
Powell told reporters the outlook "will depend in large part on our success in keeping the virus in check."
"The path forward will also depend on policy actions taken at all levels of government to provide relief and to support the recovery for as long as needed," he said.
The comments came as Republicans and Democrats in Congress are locked in debate over their dramatically different views on the next emergency spending package.
As expanded unemployment payments and a moratorium on evictions are set to expire, Senate Republicans this week unveiled a US$1-trillion proposal that slashes additional weekly jobless benefits to US$200 a week from US$600, but also would offer a second round of US$1,200 payments to individuals and give funding to schools, provided they reopen.
But Democrats are pushing for a US$3-trillion plan that retains the higher unemployment payments.
Staying out of politics
Powell has been careful to avoid treading into the dangerous area of advising legislators, but he again made clear that more spending would be appropriate.
"The current economic downturn is the most severe in our lifetimes... and it will take continued support from both monetary and fiscal policy" to achieve a recovery, he said.
Economists expect GDP in the second quarter to have contracted more than 35 percent, but the Fed chief said the initial rounds of support from Congress "made a critical difference to families, businesses and communities across the country."
But he warned, "we have seen some signs in recent weeks that the increase in virus cases and the renewed measures to control it are starting to weigh on economic activity."
Authorities in states like California, Texas and Arizona have had to reimpose restrictions and close businesses, and data shows the rebound in employment has slowed.
Powell said the economy in May and June recovered about a third of the more than 20 million jobs lost in the early weeks of the pandemic shutdown, but those gains are now at risk.
No change in policy
The FOMC repeated its intention to hold rates near zero "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals."
But it refrained from making a more explicit commitment to allowing inflation to rise beyond the Fed's longstanding 2.0 percent target before tapping the brakes on the stimulus it is providing to the economy.
Many economists are expecting a change in this "forward guidance" but few thought it might happen before September given the growing uncertainty around the economic outlook.
Powell said central bankers discussed "possible enhancements to our statement on longer-run goals and monetary policy strategy," but declined to go into detail until the review is complete.
Source: Shanghai Daily, July 30 ,2020
Singapore hopes US can stabilize relations with China
29th July 2020

 Singapore hopes the United States can stabilize its relations with China, since Asia depends on the stable US-China ties to have a "secure" and "predictable" environment, said Singaporean Prime Minister Lee Hsien Loong on Tuesday.

Lee made the remarks in an online interview hosted by Washington-based think tank Atlantic Council, reported local English-language newspaper the Straits Times on Wednesday.
Lee also voiced hope that the coming US president, be it Republican or Democratic, can develop a bipartisan consensus on US-Asia relations so that the US foreign policy will be consistent and last beyond one administration.
"If you can establish a stable, predictable policy with bipartisan consensus, I think it would be a great help to all your friends and partners who want to be able to depend on you and to rely on you, without the risk that one day the big power may suddenly decide its interests lie elsewhere," he said.
Lee noted that Singapore will not exclude Chinese tech-company Huawei from its 5G networks bidding process, although Huawei was not chosen this time round.
"The bidders did not choose Huawei. But in some of the other aspects of the 5G networks, Huawei will be figured in, and in future bids I have no doubt it will be participating again," said the prime minister.
Source: Shanghai Daily, July 29, 2020

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