Asia-Business

News from China

China's industrial profits up 11.6% in Q1

27th April 2018

Profits of China's major industrial firms maintained a steady growth, but at a slower pace of 11.6 percent in the first quarter of 2018, data showed on Friday.

The growth compares with a 16.1-percent increase registered for January-February.

In March alone, combined profits at industrial companies each with annual revenue of more than 20 million yuan (US$3.2 million) amounted to 589.75 billion yuan, up 3.1 percent from one year earlier, according to the National Bureau of Statistics.

NBS statistician He Ping attributed the slower profit growth in March to lagging effect of the Spring Festival holiday and slower growth in industrial product prices.

Among the 41 industries surveyed, 25 posted year-on-year profit growth during the first quarter.

Combined profits of the mining industry rose 36.1 percent during the period, manufacturing expanded 8.2 percent, while those of power generation, heating, fuel gas and water supply companies rose 30.4 percent.

Source: Xinhua, April 27, 2018

China plans to give 'people's assessors' bigger role in court

25th April 2018

A second draft of a law on "people's assessors" was submitted to China's legislature for review on Wednesday, suggesting to grant assessors a bigger role in court.

It recognizes that the assessors "have equal rights" as professional judges in trials, unless the law specifically provides otherwise. The assessors are also allowed to participate in legal proceedings in which the death penalty is possible and other cases with "severe social impacts," according to the draft.

The draft was first submitted to the National People's Congress Standing Committee last December. The legislation was based on an NPC Standing Committee decision in 2004 to improve the use of people's assessors and a pilot program in 10 provincial-level regions starting in 2015.

The ongoing bimonthly legislative session will run until Friday.

After revisions, the draft is relatively mature and the NPC Constitution and Law Committee has suggested putting it to vote at this session, said a committee report read to the lawmakers.

Source: Xinhua, April 25, 2018

Valentino joins other luxury brands on Tmall to woo younger digital-savvy consumers

24th April 2018

Valentino became the latest luxury brand to launch a pop-up shop on Tmall as luxury brands are embracing digital channels to woo a new generation of younger consumers born in the 1990s.

These young consumers are increasingly turning into digital shoppers who are adopting new technologies and online channels to search and buy products catering to their tastes and interests.

Sales of luxury goods in China hit 142 billion yuan (US$22.2 billion) last year, up 20 percent year on year — the biggest growth since 2011, according to a Bain & Co report earlier this year.

Online giants are therefore eager to tap into this young market by integrating online and offline resources to offer individualized shopping to consumers.

On Tmall, post-90s consumers make up 45 percent of the overall luxury market and the online shopping site aims to serve as many as 100 million luxury buyers over the next three years.

Valentino joined Burberry, Givenchy, Hugo Boss, La Mer, Maserati, LVMH-owned Guerlain and Zenith among the brands that have joined the Tmall Luxury Pavillion.

JD's independent shopping app, TopLife, which it launched earlier this month hosts brands such as La Perla, Emporio Armani and Rimowa.

JD said it hopes to leverage its retail capabilities through both online and offline channels to empower brands and help them stay closer to the digital generation.

Source: Shanghai Daily, April 24, 2018

Chinese scientists find nanomaterial could reduce lead levels in rice

23rd April 2018

Chinese scientists have discovered a nanomaterial that reduces the lead levels in rice, potentially helping improve the quality of rice, and ensuring food safety.

Lead in soil can be absorbed by rice roots, seriously affecting rice quality and food safety. This calls for research on how to reduce the migration of lead from soil to rice, to minimize its threat to human health.

Nano-hydroxyapatite (nHAP) is a nanomaterial that has been used in the restoration of lead-contaminated water and soil. Researchers from the Institute of Solid State Physics under the Chinese Academy of Sciences used hydroponic experiments to investigate nHAP's potential for reducing the toxicity and mobility of lead in rice.

They found that nHAP existing in root cells was beneficial for reducing lead levels and restraining the movement of lead from the roots to shoots. The research was published in the journal "Environmental Science: Nano."

The research provides a theoretical basis for environmental nanomaterials inhibiting lead. It also provides technical support for reducing the absorption and transfer of lead in rice.

Source: Xinhua April 23, 2018

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