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News from China
China is ready for int'l investors: European banker
12th September 2018

 As China's policy incentives further open the country's financial market and encourage more cross-border investment, these steps help boost the international use of the renminbi (RMB) and recognition of the RMB as an investable currency, according to a European banker.

 
Stock market index provider MSCI has continued the second phase of partial inclusion of Chinese A-shares in the MSCI Emerging Markets Index. The inclusion factor of existing A-shares was doubled to 5 percent on September 3.
 
"China is ready for international investors. China's A-share MSCI inclusion, the RMB's Inclusion in the SDR Basket, as well as Shanghai-Hong Kong Stock Connect, act as the validation that the Chinese financial market has reached a stage where it is relevant, accessible and tradable," Stefan Hoops, Global Co-Head of Institutional & Treasury Coverage with Deutsche Bank, told Xinhua in an interview.
 
On August 31, the China Securities Regulatory Commission drafted the Provisions on the Supervision and Administration of Depository Receipts under the Stock Connect Scheme between the Shanghai Stock Exchange and London Stock Exchange. Hoops believes that the coming Shanghai-London Stock Connect Scheme will bring lots of opportunities to both capital markets.
 
While global capital keeps flowing into A-shares, the bond connect, a new mutual market access scheme that allows investors from the Chinese mainland and overseas to trade in the bond markets in Hong Kong and the mainland respectively, enables global investors to enter the Chinese bond market directly.
 
"The bond and stock connects and China's A-share MSCI inclusion are two very important components. The bond and stock connects enable the active interest toward its way, and index inclusion not only opens the door to interested investors but also pushes all investors to increase focus on China," he said. "The level of knowledge about the Chinese market has gone up massively over the last 12 months because everybody has to think about it."
 
When China steps up the opening up of its capital markets and in the process makes its currency more investment-friendly, this will further stimulate RMB demand from international investors and enable more asset managers to embrace the RMB as one of their main allocation currencies, said Lee Beng Hong, China Head of Global Markets with Deutsche Bank.
 
Given the tremendous growth of China's economy over the last 20 years, Hoops expects that Chinese institutional investors will be increasingly interested in outbound investments and the fast-growing middle class will generate stronger demand of global wealth management diversification.
 
According to Hoops, Chinese outbound foreign direct investment has dramatically veered towards Europe over North America in the first six months of 2018. In July, China launched the 18th round of investment treaty negotiation with the EU, signaling its willingness towards this direction.
 
"There has always been some hesitation to allow Chinese corporates to do mergers and acquisitions in Europe. In the future, there will be increasing openness of European side to engage with China," Hoops said.
Source: Xinhua
4th Eastern Economic Forum opens in Russia's Vladivostok
11th September 2018

World leaders and business tycoons gathered in Russia's Far Eastern port city of Vladivostok to discuss cooperation at the fourth Eastern Economic Forum (EEF) that opened Tuesday.

 
The three-day forum under the theme of "The Far East: Expanding the Range of Possibilities" has attracted thousands of attendees from more than 60 countries.
 
The participants will share their ideas around topics of international cooperation in Far Eastern development, industry priorities in the Far East, tools to support investors and measures to improve living conditions.
 
There will be also cultural, sports and educational programs during the forum.
 
Chinese President Xi Jinping will attend the EEF this year at the invitation of Russian President Vladimir Putin. It will be the first time for the Chinese head of state to participate in the event.
 
Founded by Putin in 2015, the annual EEF has served as an important venue for face-to-face dialogue among politicians, business executives and experts for Far Eastern development and regional cooperation.
Source: Xinhua
China's hybrid rice helps relieve Africa's grain problems
5th September 2018

Su Lirong, a 54-year-old Chinese agricultural expert, has recently received a laudatory title from his old friends in Liberia. The title "Tamba Foya" is a local name used exclusively for those who are considered very respected and honorable guests.

 
Su formed ties with Liberia in 2016 after the company he works for, Yuan Longping High-tech Agriculture Co. Ltd. (LPHT), became the contractor of China's second agricultural assistance program in Liberia, where he is based as an expert in hybrid rice.
 
In the past two years, Su and his colleagues worked together to grow China's hybrid rice in Liberia. The area of planted hybrid rice reaches 130 hectares, and grain yields more than quadrupled compared with the local rice variety.
 
Liberia is one of the world's poorest countries, with a population of nearly 5 million. "Liberia has to import 60 percent of grain because its own output can only meet 40 percent of its 1-million-tonne demand every year," Su said.
 
Moreover, border closures and quarantines in the wake of the outbreak of Ebola in 2015 further disrupted the grain market and processing chain, making it more difficult to get food, Su said.
 
Experts like Su are only a small sample of China's agricultural support in Africa. Since 2008, China has signed agreements with Liberia to provide not only food aid but also agricultural technology assistance.
 
In May 2013, the Chinese Academy of Sciences set up a China-Africa research center to help relieve the grain shortage of African countries through China's wisdom and experience.
 
The center has introduced China's high-yield and quicker-growing crop varieties in corn, hybrid rice and sweet sorghum to countries including Kenya, Ethiopia, Sudan and Uganda.
 
The assistance programs not only increase grain output but also help locals bring in more income.
 
Before growing hybrid rice from China, many Liberians like Mulbah could hardly make ends meet.
 
Mulbah, now chief of an agricultural cooperative in Liberia, recently bought a second-hand car and helped one of the members of the cooperative build a new house after they planted 10 hectares of hybrid rice.
 
Saturday Flomo, 27, used to be a taxi driver in Liberia, but he has now been trained to drive various types of farm machinery.
 
As the first Chinese firm authorized to provide training courses on hybrid rice planting for overseas students, LPHT trains a large number of overseas agricultural technicians each year.
 
"Many of the trainees have become high-level officials and policymakers in their countries, and their vast understanding of China's agriculture can help promote further cooperation with China," said Zhang Ke, deputy general manager of LPHT.
 
"Our aid to Africa will continue in the future, and the younger generation who were born in the 1990s is becoming the backbone of the aid program," said Zhang."
Source: Xinhua
Chinese yuan weakens to 6.8347 against USD Monday
3rd September 2018
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 101 basis points to 6.8347 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.
 
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
 
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. 
Source: News xinhuanet

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