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News from China
China to increase effective ecological investments
27th June 2022
China's Ministry of Ecology and Environment has urged efforts to promote investment growth in the field of ecology and the environment amid efforts to stabilize the country's economy.
Targeting ecological projects listed among the country's 102 major projects for the 14th Five-Year Plan period (2021-2025), the ministry stressed the need to accelerate the advancement of projects related to air, water, soil, solid waste pollution control, and nuclear and radiation security supervision.
For major projects in the planning stage, preliminary work should be done at an accelerated pace, and detailed construction schedules should be clarified for existing projects, according to Minister of Ecology and Environment Huang Runqiu.
The ministry also underlined measures to ramp up more accurate financial support for ecological and environmental protection projects.
Project reserves will be established to include ecological and environmental protection projects, as well as key national projects related to climate change. Efforts will be made to improve the accuracy of financial funding matches for these projects, the ministry said.
Building project reserves is important for directing financial investments, effectively coordinating supply and demand, solving key ecological and environmental problems, and promoting green development, said Zhang Jianhong from the Chinese Society of Technology Economics.
Industry insiders noted that China will focus on promoting the steady expansion of investments in infrastructure construction in the environmental protection sector, and broadening investment channels to increase financial and social capital in the sector.
Source: Xinhua
A decade of evolution for China's financial system
24th June 2022

 With steady efforts to push structural reforms and expand opening-up, China's financial system has gradually evolved and matured over the past decade, offering solid support to the stability and development of the broader economy.

The following are some facts and figures on how the country reformed its financial system to spur the real economy, kept risks within control and better aligned with the international market.
While sticking to its prudent monetary policy, China has constantly innovated and enriched its toolbox with the aim of enabling a virtuous circle of the real economy and the financial system.
During a briefing on Thursday, Chen Yulu, vice governor of the People's Bank of China, said that China's financial market saw improvements in its ability to serve the real economy over the past decade.
As of the end of 2021, the M2 -- a broad measure of money supply that covers cash in circulation and all deposits -- came in at 238.29 trillion yuan (about 35.5 trillion U.S. dollars), with the annual growth rate from 2012 to 2021 reaching 10.8 percent.
Besides ensuring that market liquidity remains ample, the government has tilted policy incentives to ease financing difficulties for the private economy and small businesses, and has put in place a diversified capital market to cater to the needs of various entities.
As of the end of the first quarter of this year, the outstanding inclusive loans topped 20 trillion yuan, supporting over 50 million small and micro firms and individual businesses
Forestalling financial risks has been high on the government's work agenda over the past decade, and the country has managed to strike a delicate balance between advancing financial development and reining in the related risks.
"Important results were achieved in preventing and resolving major financial risks, with the blind expansion of financial assets fundamentally reversed," said Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission.
High-risk shadow banking has been reduced by about 25 trillion yuan compared with the historical peak, while a total of 16 trillion yuan of non-performing assets have been disposed of in the past decade, according to Xiao.
Continuous efforts have also been made to build a solid financial security defense line of anti-money laundering and anti-fraud, while comprehensively strengthening financial consumer protection.
At a time when the rising tide of protectionism threatens to jeopardize global economic recovery, China has moved steadily to deliver its promise of wider opening-up in the financial system.
From expanding the connectivity between domestic and international capital markets to facilitating overseas institutional investors to take part in China's exchange bond market, the opening-up moves over the past decade have attracted more foreign investors to the Chinese market.
Foreign entities' holdings of domestic RMB financial assets have increased by 2.4 times compared with 10 years ago, while the share of Chinese yuan in the International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket has risen from 10.92 percent to 12.28 percent.
Li Chao, vice chairman of the China Securities Regulatory Commission, said China will strive to build a regulated, transparent, open, dynamic and resilient capital market. 
Source: Xinhua
(HKSAR 25) Incoming HKSAR chief executive John Lee vows to build caring, inclusive Hong Kong
22nd June 2022

 - John Lee, the incoming sixth-term chief executive of the HKSAR vowed to address deep-rooted problems such as housing and youth development with a results-oriented approach.

- Lee's political manifesto promises to formulate a comprehensive youth policy and youth development blueprint to aid their upward mobility.
Lee, who won the HKSAR's sixth-term chief executive election on May 8 with an overwhelming majority, will assume office on July 1, the 25th anniversary of Hong Kong's return to the motherland.
Over the next five years, the HKSAR government will focus on economy and people's livelihood, trying to solve the problems accumulated over the past years, while remaining vigilant about safeguarding national sovereignty, security and development interests, Lee said.
"We need to lay a solid foundation in the next five years, so that we can further develop without worry after that," he said, vowing to address deep-rooted problems, including housing and youth development during his term.
The newly appointed chief executive stressed on multiple occasions that he would handle problems with a results-oriented approach, and said he intends to ensure there is a good risk management system to deal with any potential crises that may threaten Hong Kong.
"From my point of view, development is the key to solving problems in Hong Kong," Lee said, adding that the focus of the new HKSAR administration is to promote development to benefit Hong Kong residents, so that the issues long plaguing the Hong Kong society will be gradually solved.
Over the past 25 years, Hong Kong has weathered challenges including the Asian financial crisis, the SARS epidemic and the international financial crisis, and consolidated its status as an international financial, shipping and trade center.
Lee deemed the country's support as Hong Kong's most important strength for overcoming challenges and initiating new chapters of progress.
Noting that Hong Kong serves as an effective bridge between the mainland and the rest of the world, he said the city's unique advantages should be leveraged to contribute to the development of the country.
According to the 14th Five-Year Plan (2021-2025) for National Economic and Social Development, Hong Kong is being supported in establishing itself as an international center for innovation and technology, a center in the Asia-Pacific region for international legal and dispute resolution services, a regional center for intellectual property trade, and a center for cultural and art exchanges with other countries.
Hong Kong should give full play to its own advantages, enhance its international competitiveness, and better integrate into the country's overall development, Lee said.
He also said that it is the HKSAR's constitutional responsibility to achieve the Article 23 legislation under the HKSAR Basic Law.
"We will do a full legal study to ensure that local legislation can handle the national security risks that may be encountered in the future," he said.
Reflecting on the practice of "one country, two systems" in Hong Kong, Lee said he believes that over the past 25 years, the principle has been successfully implemented, albeit not without weathering some storms, "but Hong Kong became more resilient and dynamic after overcoming each of the challenges."
"We need to further improve the overall development of Hong Kong and heighten its international reputation to make the city more successful," Lee said. "This is the key objective of promoting the 'one country, two systems.'"
Source: Xinhua
Study outline on Xi Jinping's economic thought published
21st June 2022

 A study outline on Xi Jinping's economic thought has been published and distributed across the country.

The compilation was organized by the Publicity Department of the Communist Party of China Central Committee and the National Development and Reform Commission.
The outline was published jointly by the People's Publishing House and the Xuexi Publishing House.
With 15 chapters and around 100,000 Chinese characters in total, it systematically explains the essence, rich content and requirements of Xi Jinping's economic thought.
The book fully reflects the original contribution of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era in the realm of economy. 
Source: Xinhua

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