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News from China
German companies see opportunities in China's transformation
8th April 2016

Despite a slowdown of China's economy, German companies see great business potential in China's structural transformation, a leading business representative said on Thursday.

 
China's gross domestic product (GDP) increased by 6.9 percent in 2015, the slowest annual expansion in 25 years. The country set an average of annual growth target of at least 6.5 percent for the coming five years.
 
"In addition to global economic downturn, the slowdown of China's economy was mainly due to an ongoing transformation process of the country," said Alexandra Voss, executive director of the German Chamber of Commerce in North China, quoted by a post on the website of the Association of German Chambers of Commerce and Industry (DIHK).
 
China launched a "supply-side" reform last year, aiming at reducing non-effective and low-end supply, improving products and service quality and boosting productivity by innovation.
 
"China will increasingly rely on a growth that is not only driven by fixed investment and exports, but by the service industry, the domestic consumption and innovation," Voss said, adding that such reforms, especially further market liberation, a promotion of innovation and improvement of health and green technologies, meant potential for German companies.
 
"German companies can contribute their expertise and experience as important cooperation partners," she said. 
Source: Xinhua
China to further deepen reform of healthcare system
7th April 2016

China will further deepen reform in healthcare this year with key factors for the reform discussed at a meeting of the central government on Wednesday.

 
The State Council, the country's cabinet, convened a regular executive meeting Wednesday and determined that healthcare reform should benefit more people.
 
Key sectors for healthcare reform this year were decided at the meeting, which was presided over by Premier Li Keqiang.
 
Plans discussed included expanding the number of cities piloting urban public hospital reform from 100 to 200, implementing a tiered medical care pilot project in 70 percent of the country's prefectural-level areas, and improving the compensation system in a bid to abolish the drug price addition policy of public hospitals in new pilot cities.
 
Other focuses included implementing a centralized procurement of drugs used by public hospitals, improving the performance-based remuneration system in grassroots health institutions, and building a national network for basic health insurance settlement so that people can reimburse their medical expenses in different places.
 
Critical disease insurance will cover all people within the year, according to the healthcare reform plan, which noted that subsidies per capita for basic health insurance and basic public health services will be raised.
 
The number of resident physicians receiving standardized training will be increased by 70,000, including 5,000 pediatricians, according to the meeting. 
Source: Xinhua
Worries over Chinese economy rushed, exaggerated
5th April 2016

 The little bit of calm that has returned recently shows that the concerns outsiders had about the Chinese economy had been somewhat rushed and exaggerated, a senior economist said.

 
The signs of recovery in the financial markets including prices of commodities such as iron ore and oil suggest that the Chinese economy was not so bad as to have to experience a hard landing, Sun Bae Kim, professor at the Business School of National University of Singapore and former chief Asia economist at Goldman Sachs Asia, said in a recent interview with Xinhua.
 
"I am very positive (about the Chinese economy) for the medium term," but the road ahead is challenging, he said.
 
The economist said it is understandable that China set its growth target this year at between 6.5 percent and 7 percent as it indicates a recognition that it is better to tackle certain problems sooner than later.
 
"It is important in the broader context that you are willing to accommodate a slower growth over the next several years in order to set the stage for the restructuring to allow a higher growth in medium term," he said.
 
China's economy grew 6.9 percent last year, its slowest in over two decades but still one of the fastest growth rates in the world.
 
Kim said China needs to tackle challenges including a buildup of debt in the aftermath of the global financial crisis and excessive capacity in certain industries, and the poor profitability of some firms.
 
The important question is not the specific growth targets China sets for a particular year, but whether China can basically maintain a certain growth level while tackling some structural issues, Kim said.
 
"If China undertakes some of the reforms, I think China could easily grow 6 percent to 7 percent in the medium term," he said.
 
"While you are doing this structural reform, it's most likely growth will be slower, though it is not necessarily so," he added.
 
Chinese policymakers have said they have ample policy room to ensure that economic growth remains stable within an appropriate range. Meanwhile, China has been encouraging the growth of new technologies and businesses to pursue more innovation-driven economic growth.
 
Kim said these are important as it means the economic growth will be underpinned by productivity increase and more sustainable.
 
He said it is necessary for China to further reform the financial system and state-owned enterprises so that the allocation of resources will favor more productive sectors and companies. Deregulation could potentially lead to productivity increase in many sectors, too. China also needs to shift to growth driven by consumption and services.
 
The economist said that it is a delicate balancing act for China to push for reforms while maintaining financial and economic stability and that it is necessary to enhance communication with the market.
 
"I am quite in an agreement with China's big picture plan," he said, referring to China's financial sector reforms.
 
Kim said that the policy direction of pursuing a more flexible and international yuan, the Chinese currency, is very sensible and desirable, but that it is necessary to take into account some short-term constraints.
 
The economist also highlighted China's status as the world's largest trader and its connection with virtually all major economies.
 
"What happens in China at home is everybody's business," he said.
 
Kim said that China's efforts to enhance regional connectivity, like the Belt and Road Initiative, with a focus on infrastructure construction, could boost regional growth.
 
"It offers new commercial opportunities," he said.
Source: Xinhua
China-U.S. economic relationship "much more balanced" than 15 years ago -- U.S. expert
4th April 2016

The China-U.S. economic relationship is "much more balanced" today than 15 years ago, as Chinese markets and investments become increasing important for U.S. economic growth going forward, Geoffrey Garrett, dean at the Wharton School of the University of Pennsylvania, said Saturday.

 
"I think we're also in a transition, that's an incredibly important transition, to a new normal in U.S.-China relations," Garrett said at the opening ceremony of the two-day Penn Warton China Summit held here with the theme of "China's New Normal," a term often referring to China's transition to slower growth but with higher quality.
 
Garrett said that current U.S. debates on the economic relations with China focus on the American trade deficit with China and U.S. government debt held by China, which are "the old U.S.-China economic relationship" about 15 years ago and are certainly "out of date."
 
In his view, the economic relationship between the world's two largest economies today is "actually much more balanced" than it's been in the past.
 
On the one hand, the emergence of over 500 million middle class consumers in China "has been and will be so important" to the growth of American economy going forward, he argued.
 
"The new reality of China for the United States is that it's a place where American multinational firms make products that are increasingly sold into the Chinese market," he said, citing the example of China as both the fastest growing and largest market for mobile phones of the U.S. tech giant Apple, the icon of the American economy in the 21st century.
 
General Motors, the U.S. automaker and the icon of U.S. economy in the 20th century, also sells more trucks and cars in China today than it does in the United States, said Garrett, a distinguished political economist who was appointed dean of the Wharton School in 2014.
 
"That's good for those American firms. I hope it's also good for Chinese consumers to get access to the best products from the United States," he said.
 
On the other hand, Chinese investments will also be an increasingly important factor in the American economy as more investments will flow from China to the United States, following the Chinese currency renminbi (RMB)'s large appreciation against the U.S. dollar.
 
The RMB has risen around 30 percent in nominal terms against the U.S. dollar since 2005, which led the International Monetary Fund (IMF) to declare that the RMB was no longer undervalued, said the dean.
 
"We have seen that before," he added, noting that the appreciation of the Japanese yen against the U.S. dollar in the mid-1980s was followed by the rise of Japanese investments into the United States.
 
Garrett said Americans didn't accept Japanese investments overnight, but now they view Japanese investments as normal. For example, the Japanese auto giant Toyota has participated in the races of the National Association for Stock Car Auto Racing (NASCAR), which was the home to only American-brand cars.
 
According to the Japanese experience, Garrett estimated there will be globally giant Chinese automobile companies in 25 years and they will compete in the NASCAR.
 
Despite frictions between the United States and China, Garrett said the two sides have been committed to "more engagement" since former U.S. Secretary of State Henry Kissinger paid a highly confidential visit to China in 1971, which paved the way for the normalization of U.S.-China relations.
 
"Engagement, I think, is the key to the U.S.-China relationship as is to keep prosperity and stability around the world," he said, adding that the Wharton School is certainly trying to play a part in that.
 
"Engagement between our two countries is the single most important thing we can all do," he said, noting that Penn Wharton China center, opened in Beijing last year, is a visible indicator of the Wharton School' s commitment to have strong relations with China.
 
These people-to-people exchanges between the two countries will add up and contribute to better China-U.S. relations, which will benefit China, the United States and the world, he noted.
Source: Xinhua

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