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News from China
China’s jet in long-distance test
10th November 2017

 CHINA’S domestically produced passenger jet, the C919, will make its first long-distance flight today, leaving Shanghai for northwest China’s Shaanxi Province to undergo further tests.

It will take off from Pudong International Airport and fly to the Yanliang Testing Base in Xi’an.
Cai Jun, who captained the aircraft’s maiden flight, said it will fly at a height of 7,800 meters and complete the 1,400-kilometer journey in around three hours.
Shanghai-based Commercial Aircraft Corp of China (COMAC) has said it will produce six test aircraft, with the second expected to make its maiden flight before the end of the year.
The first C919 completed its maiden flight in May and has now made a total of five test flights. It will remain at the Yanliang base to undergo more tests to acquire airworthiness certificates.
“We have prepared a detailed work plan to ensure the safety of the flight from Shanghai to Yanliang,” Cai said.
Global access for the C919 will be boosted by a Sino-US aircraft certification agreement signed last month, COMAC said yesterday.
The agreement between the Civil Aviation Administration of China and the US Federal Aviation Administration will widen mutual recognition of each country’s aviation products.
“It is an essential step for the C919 to enter the international market,” Wu Yue, C919 project general manager, told China Central Television. “The certification environment for the C919 will surely get better, because FAA certification has been recognized by many nations.”
Under the agreement, the FAA will certify the importation of the aircraft or plane parts from China, apart from some technical evaluations, on the basis of CAAC certification documents.
The European Aviation Safety Agency has also said it is in the process of certifying the C919.
Airworthiness certifications from FAA and EASA have long been the market threshold for the global civil aviation industry.
The C919, which has 168 seats and a range of about 5,000km, will compete with the updated Airbus A320 and new-generation Boeing 737.
Source: Shanghai Daily, November 10, 2017
Trump visits China
9th November 2017

 Chinese President Xi Jinping said Thursday the Sino-US relations are "at a new historic starting point."

"China is willing to work together with the United States to respect each other, stick to mutual benefit and reciprocity, focus on cooperation, and manage and control differences," Xi said during talks with visiting US President Donald Trump.
Since Wednesday afternoon, the two presidents have had in-depth exchange of views on bilateral ties and issues of common concern, and reached broad consensus, he said.
"We believe the Sino-US relations concern not only the well-being of both peoples, but also world peace, prosperity and stability," Xi said.
The presidents also agreed that cooperation is the "only correct choice" for China and the United States, and a better future would only be achieved through win-win cooperation, according to Xi.
"There can be no more important subjects than China-US relations," Trump said at the talks. "We have a capacity to solve world problems for many years to come."
Xi said US President Donald Trump's visit is "successful and historic," and their meetings have "pointed the direction and drawn a blueprint for the future development of bilateral ties."
Xi said he and his US counterpart Donald Trump have reiterated firm commitment to achieving denuclearization on the Korean Peninsula and solving the nuclear issue through dialogue and negotiation.
Source: Xinhua   Editor: Wang Qingchu
Source: Xinhua, November 9, 2017
Forex reserves climb for 9th straight month
8th November 2017

 CHINA’S forex reserves rose for the ninth month in a row in October as pressure of capital outflow continued to ease, data from the central bank showed yesterday.

Forex reserves had totaled US$3.109 trillion by the end of October, up US$703 million from a month earlier, according to the People’s Bank of China, the central bank.
Although slightly below market forecasts, it is the first time the reserves have risen for so long since June 2014.
In an online statement, the State Administration of Foreign Exchange attributed the rise to stable cross-border capital flows and balanced supply-demand in the foreign exchange market.
Rising asset prices in the global financial market also pushed up the stockpile, the statement added.
There had been concerns over capital flowing out of China in the second half of 2016, when the economy was under pressure and the yuan was on a losing streak against the US dollar.
In January, China’s foreign exchange reserves fell below US$3 trillion, but as the economy is on a firmer footing and the yuan continues to stabilize, the stockpile has increased steadily since February.
China’s economy grew 6.9 percent year on year in the first three quarters, above the government target of 6.5 percent for 2017.
The stabilizing growth and improved economic structure have led to more balanced cross-border capital flows, SAFE noted.
SAFE said the foundation for balanced flows will become more solid as confidence in China’s economy builds following the 19th National Congress of the Communist Party of China, predicting the reserves to gradually pick up and stabilize.
Authorities have tightened controls on aggressive overseas acquisitions by companies including Dalian Wanda, HNA Group Co and Anbang Insurance Group.
In August, the State Council said in a document overseas investment in areas including real estate, hotels, cinemas, the entertainment industry and sports clubs will be limited, while investment in some sectors such as gambling will be banned.
The document also imposed restrictions on the setting up of overseas private equity funds or other investment platforms without specific projects and limited investment that does not meet technological, environmental, or safety standards of the destinations.
The data also showed gold reserves falling to US$75.2 billion by the end of October from US$76 billion at the end of September.
Source: Shanghai Daily, November 8, 2017
Shares rise on medicinal dose and food
7th November 2017

 SHANGHAI stocks edged up yesterday amid gains made by pharmaceutical shares and food and beverage companies.

The Shanghai Composite Index gained 0.49 percent to close at 3,388.17 points.
Food and beverage shares were among the biggest gainers, with Anhui Kouzi Distillery Co Ltd surging by the daily limit of 10 percent. Jiangsu Hengshun Vinegar Ind Co Ltd, Sichuan Swellfun Co Ltd and Juewei Food Co Ltd all advanced over 6 percent.
Pharmaceutical firms such as Chongqing Taiji Industry Co Ltd and Jiangsu Nanfang Medical Co Ltd both hit the maximum daily cap of 10 percent. China Medicine Health Industry Co Ltd and Zhejiang ChiMin Pharmaceutical Co Ltd also gained over 9 percent.
“Consumer shares moved strongly, led by consumption upgrade and rising disposable income in rural areas,” Guotai Junan Securities said in a note.
Xinjiang Ba Yi Iron & Steel Co Ltd and Shanghai Hongda Mining Co Ltd both surging by the maximum 10 percent.
ZhongTongGuoMai Communication Co Ltd hit the 10 percent cap, and Wingtech Technology Co Ltd rose by 8.58 percent to end at 32.79 yuan.
Source: Shanghai Daily, November 7, 2017

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