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News from China
China's non-manufacturing PMI edges down in July
31st July 2019

 The purchasing managers' index for China's non-manufacturing sector came in at 53.7 in July, slightly down from 54.2 in June, the National Bureau of Statistics said Wednesday.

 
A reading above 50 indicates expansion, while a reading below reflects contraction.
 
Despite the slight decrease, the gauge for the non-manufacturing sector maintained a relatively high level of expansion, said NBS senior statistician Zhao Qinghe.
 
Zhao mainly attributed the decline to weaker sub-indices measuring business activities in the wholesale and financial sectors.
 
Rapid expansion was seen in sectors including telecommunications, railway and air transport, with their sub-readings having stayed above 59 for three consecutive months, Zhao said.
 
Strong summer consumption buoyed the sectors of hotel, catering as well as culture, sports and recreation, according to Zhao.
 
Wednesday's data also showed that China's manufacturing PMI stood at 49.7 in July, higher than that in June. The composite PMI came in at 53.1, up 0.1 point from June.
 
Source: Shanghai Daily, July 31, 2019
China's non-manufacturing PMI edges down in July
31st July 2019

 The purchasing managers' index for China's non-manufacturing sector came in at 53.7 in July, slightly down from 54.2 in June, the National Bureau of Statistics said Wednesday.

 
A reading above 50 indicates expansion, while a reading below reflects contraction.
 
Despite the slight decrease, the gauge for the non-manufacturing sector maintained a relatively high level of expansion, said NBS senior statistician Zhao Qinghe.
 
Zhao mainly attributed the decline to weaker sub-indices measuring business activities in the wholesale and financial sectors.
 
Rapid expansion was seen in sectors including telecommunications, railway and air transport, with their sub-readings having stayed above 59 for three consecutive months, Zhao said.
 
Strong summer consumption buoyed the sectors of hotel, catering as well as culture, sports and recreation, according to Zhao.
 
Wednesday's data also showed that China's manufacturing PMI stood at 49.7 in July, higher than that in June. The composite PMI came in at 53.1, up 0.1 point from June.
 
Source: Shanghai Daily, July 31, 2019
US negotiators need to show sincerity, reason at Shanghai talks
30th July 2019

 Negotiators from China and the United States are relaunching consultations to fix their strained trade relations on Tuesday in Shanghai.

 
It is the first formal sit-down between the two negotiating teams after their trade talks hit a wall in May and were brought back on track during a meeting between Chinese President Xi Jinping and his US counterpart, Donald Trump, on the sidelines of the Group of 20 summit held in the Japanese city of Osaka in June.
 
After the summit, the delegations of the two countries have maintained contact. Chinese Vice Premier Liu He talked with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin twice over the phone before the two sides decided to relaunch their trade consultations in Shanghai.
 
It is also the first time that they held the trade talks outside their capital cities, and Shanghai, venue for this new round of consultations, has its special place in the history of China-US relations.
 
In 1972, when then US President Richard Nixon paid an ice-breaking visit to China, the two sides issued the "Shanghai Communique" in the sincere hope of normalizing bilateral ties after more than two decades of estrangement.
 
Today once again in the metropolis of Shanghai, US negotiators need to demonstrate that same sincerity and, more importantly, reasonable expectations in the relaunched trade talks with their Chinese counterparts in a bid to normalize bilateral trade relations.
 
For more than a year, China and the United States, in a bid to settle their trade disputes, have held 11 rounds of high-level talks, during which Beijing has demonstrated its utmost sincerity to overcome differences between the two sides in pursuit of an agreement that can satisfy both.
 
However, some US trade hawks have chosen to turn a blind eye to China's legitimate interests and put forward unrealistic demands that infringe upon China's sovereignty and dignity. China-bashers like Steven Bannon even tried to ride the waves of the tariff war to hype up anti-China sentiment and contain China's development. These provocative actions ultimately led to an impasse in dialogue.
 
In the ongoing round of trade talks, the US side needs to engage in consultations on the basis of equality and treat China with due respect if it wants a trade deal. However, if Washington still holds the illusion that Beijing will somehow cave in and compromise on issues concerning sovereignty and other related core interests to reach a deal, then no deal is fine. China will always find a way to withstand any pressure.
 
The economic and trade cooperation between China and the United States is mutually beneficial in nature. And as Washington is trying to wage a tariff war against China, it is hurting its own economy and people. According to research conducted by economists from the New York Federal Reserve and Princeton and Columbia universities, the tariff war cost American companies and consumers US$4.4 billion a month in 2018.
 
Moreover, as trade disputes linger, the world economy is suffering as well. Morgan Stanley's chief economist Chetan Ahya has said, "As uncertainty around trade policy is unresolved, the impact on the growth outlook is becoming more pronounced."
 
For the benefit of both sides and the world at large, China and the United States need to cherish the hard-won resumption of trade talks and accomodate each other's core interests so as to pave the way for an early deal.
 
Forty-seven years ago, "the Shanghai Communique" has shown the courage of the leaders of the two countries to come together over huge ideological gaps for not only the interests of the two peoples, but also the easing of tensions in the world. It is hoped that this time, the Chinese and US trade negotiators can pluck up some courage as their predecessors did and work together for sturdier and more fruitful bilateral trade relations.
 
 
Source: Shanghai Daily, July 30, 2019
Progress made as China buys US soybeans
29th July 2019

 Millions of tons of American soybeans have been shipped out to China, the latest progress in the purchase of US agricultural products by Chinese enterprises after a June meeting of the two heads of state in Osaka, official sources said on Sunday.

 
Meanwhile, the US administration has announced the exemption of additional tariffs imposed on 110 items of Chinese industrial products and expressed its willingness to prompt the US businesses to continue providing supplies for related Chinese enterprises.
 
These have shown the two sides’ readiness to implement the consensus reached by the two heads of state in Osaka, according to sources with the National Development and Reform Commission and the Ministry of Commerce.
 
The US-China trade war has curbed the export of US crops to China, with soybean sales falling sharply after Beijing slapped tariffs of 25 percent on American cargoes.
 
Since July 19, some Chinese firms have inquired with US suppliers about the new purchases of US farm produce including soybeans, cotton, pork and sorghum. Currently, a batch of deals have been made in line with market conditions.
 
The Chinese enterprises involved have applied for the lifting of additional tariffs on some of the US farm produce, and the Customs Tariff Commission of the State Council will handle their applications according to stipulated procedures.
 
Chinese enterprises will continue to make inquiries based on domestic market demand about the purchase of US agricultural products including soybeans, cotton, pork, sorghum, wheat, corn and dairy products.
 
Additional deals are expected to be made as long as the US products are reasonably priced and of premium quality.
 
Chinese and US negotiators are set to meet in Shanghai this week for the first time since the summit, with talks to start on tomorrow.
 
China brought in 614,805 tons of soybeans from the United States in June, down 2.5 percent from June 2018 and down 37 percent from 977,024 tons in May, customs data released on Saturday showed.
 
The sources said that the US side should take concrete measures to fulfill its promises and create favorable conditions for the economic and trade consultations between the two sides.
 
 
Source: Shanghai Daily, July 29,2019

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