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News from China
Lenders help share index to close up
31st May 2016

 SHANGHAI stocks edged up yesterday, helped by banks while transport and property shares sank as uncertainty over monetary policy clouded trading sentiment.

The Shanghai Composite Index added 0.05 percent, or 1.4 points, to close at 2,822.45 points.

China Everbright Bank Co rallied 1.41 percent to 3.60 yuan (55 US cents) and China Merchants Bank added 1.02 percent to 17.84 yuan.

Transport shares fell as shrinking demand curbed shipping freight. China Cosco Holdings Co Ltd sank 1.16 percent to 5.11 yuan while China Shipping Development Co lost 1.15 percent to 6 yuan.

Gemdale Corporation shed 0.18 percent to 10.89 yuan and COFCO Property (Group) Co lost 1.08 percent to 9.13 yuan.

Investment consultant Fan Bo at AVIC Securities said in a note yesterday the key index may rise after the release of macroeconomic data this week.

The People’s Bank of China yesterday cut the daily fixing by 0.45 percent to 6.5784 per dollar, the weakest since February 2011.

Source: Shanghai Daily, May 31, 2016
Industrial Internet plan
30th May 2016

 SHANGHAI is pushing the development of industrial Internet under a three-year plan from this year to boost industrial output and upgrade its economic structure, according to government officials yesterday.

The city will boost the information structure and technology applications in six strategic industries including advanced equipment manufacturing and biological medicine. The technologies include data analysis, 4G and 5G communications, industrial robots and various Internet applications, according to the officials.

“The industrial Internet is a catalyst for the city’s long-term strategy to establish itself as a global tech and innovation center,” said Zhou Bo, Shanghai’s vice mayor.

Local industrial giants including Lingang Group and SAIC Motor are involved in the three-year plan from 2016 to 2018.

“We can seek unique opportunities in Shanghai of integration between traditional industries and latest technologies,” said Wang Dong, founder and CEO of Zhaogang.com which trades steel and iron products online.

Source: Shanghai Daily, May 30, 2016
Anger over latest US trade tariffs
27th May 2016

 CHINA’S Ministry of Commerce yesterday slammed a new final ruling from the United States against Chinese steel.

The US Commerce Department on Wednesday announced anti-dumping duties of 209.97 percent and anti-subsidy duties of 39.05 percent on corrosion-resistant steel from China.

“The United States has deliberately suppressed Chinese bulk steel commodities, including cold-rolled flat steel and corrosion-resistant steel,” and “this not only harms Chinese steel firms, but also impedes trade and cooperation between the two countries,” the ministry said in a statement.

“China will take all necessary measures to gain fair treatment and safeguard the interests of enterprises,” it said.

Source: Shanghai Daily, May 27. 2016
Pharma companies told to broaden horizons
26th May 2016

 CHINA’S pharmaceutical companies should pursue more opportunities overseas and seek greater collaboration with foreign partners, an industry official said yesterday.

“Chinese pharma companies and manufacturers should allocate more resources to the international market in the next five years so that they can play a more important role,” Xu Ming, vice president of the China Chamber of Commerce for Import & Export of Medicines & Health Products, told a press conference.

He was speaking ahead of the 16th International Convention on Pharmaceutical Ingredients, which is co-organized by the chamber.

As one of the world’s biggest exporters and manufacturers of pharmaceutical ingredients, China should focus more on foreign markets, he said.

The chamber will seek to promote industry collaboration between China and central and eastern Europe countries at the upcoming convention, Xu said.

Source: Shanghai Daily, May 26, 2016

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