China's private investment continued rising in 2017, data from the National Bureau of Statistics (NBS) has showed.
Private investment grew 6 percent year on year, 2.8 percentage points higher than a year earlier, to 38.2 trillion yuan (US $6 trillion) last year.
"The high growth rate indicated the central government's favorable policy in 2017 delivered positive results," said Zhao Peiya, an official with the NBS.
Fixed-asset investment grew 7.2 percent year on year to 63.2 trillion yuan, the NBS said.
China's economy ended 2017 with growth of 6.9 percent, higher than the 6.7 percent registered in 2016, the first acceleration in annual growth in seven years.
27 September 2018
Beijing Daxing Intl Airport will be in service next year
Beijing's new airport is officially named Beijing Daxing International Airport and expected to open before Sept 30 next year, the Civil Aviation Association announced at a news conference on Friday.
The new airport, currently under construction along with other supporting facilities, is set to be completed on June 30 next year, said Liu Chunchen, director of the association's Airport Department.
"The new airport is the country's landmark project. The construction work has been smooth and the preparatory work for upcoming operations has been fully carried out," Liu said.
Liu said the main terminals have entered the stage of fine decoration, where mechanical and electrical facilities are being installed and the boarding bridge project is underway.
Ninety-three percent of the flight zone earthwork has been completed and the municipal transportation, such as the overpass entering and leaving the terminals, is near completion, he added.
According to an earlier plan, by 2025 the airport will have four runways and 268 parking bays that will accommodate 620,000 flights and handle 72 million passengers per year.
The new airport, currently under construction along with other supporting facilities, is set to be completed on June 30 next year, said Liu Chunchen, director of the association's Airport Department.
"The new airport is the country's landmark project. The construction work has been smooth and the preparatory work for upcoming operations has been fully carried out," Liu said.
Liu said the main terminals have entered the stage of fine decoration, where mechanical and electrical facilities are being installed and the boarding bridge project is underway.
Ninety-three percent of the flight zone earthwork has been completed and the municipal transportation, such as the overpass entering and leaving the terminals, is near completion, he added.
According to an earlier plan, by 2025 the airport will have four runways and 268 parking bays that will accommodate 620,000 flights and handle 72 million passengers per year.
Young Chinese to drive future demand of luxury goods
Chinese customers are expected to contribute to 40 percent of global luxury goods sales and drive 75 percent growth of the global market by 2024, according to a report jointly released by Boston Consulting Group and Tencent on Wednesday.
Currently, 32 percent of global luxury goods sales are created by Chinese customers, the report said.
The report pointed out China's millennials will become main force to buy luxury goods.
Young people aged 18 to 30 will account for 58 percent of luxury goods buyers, and most of these young buyers have a good educational background with an undergraduate degree or above. Female buyers account for 71 percent of this group.
Currently, 32 percent of global luxury goods sales are created by Chinese customers, the report said.
The report pointed out China's millennials will become main force to buy luxury goods.
Young people aged 18 to 30 will account for 58 percent of luxury goods buyers, and most of these young buyers have a good educational background with an undergraduate degree or above. Female buyers account for 71 percent of this group.
25 September 2018
Chinese-brand vehicle sales slump in August
Chinese-brand vehicle sales in the passenger car market stood at 684,000 units in August, down 11.1% YOY and falling by 2.8% points to a 38.2% of total market sales. This is the lowest in four years, according to the China Association of Automobile Manufactures (CAAM).
Airbus increases capacity at Tianjin final assembly line
Currently, Airbus assembles an average of four-and-a-half A320 aircraft a month in Tianjin, and it will deliver a total of 52 A320s this year. Early next year, it will produce five A320 aircraft a month, and by the end of 2019, it will produce six A320s a month, according to the company.
The production ramp-up follows an agreement between Airbus and China signed during French President Emmanuel Macron's state visit to China in January.
The facility, the third-largest single-aisle assembly line for Airbus after Toulouse and Hamburg, will be in operation for 10 years from this week. By the end of August, it had delivered 378 A320 aircraft to Chinese airlines and Air Asia, and it is looking to attract more customers from Asia.
Source: China Daily
24 September 2018
China imports 4.71m tonnes of LNG in August
China imported 4.71 million tonnes of liquefied natural gas (LNG) in August, up 51.5 percent year on year, the country's customs authority said Sunday.
Total LNG imports in the first eight months reached 32.63 million tonnes, up 47.8 percent year on year, according to the General Administration of Customs.
China surpassed the Republic of Korea to become the world's second-largest importer of LNG in 2017, according to IHS Markit, a global marketing information company.
China's imports of natural gas have grown to meet increasing domestic consumption, primarily driven by environmental policies to replace coal-fired electricity generation.
An industry report says, the country is likely to surpass Japan to become the world's largest natural gas importer by 2019, with imports expected to reach 171 billion cubic meters by 2023, mostly LNG.
Total LNG imports in the first eight months reached 32.63 million tonnes, up 47.8 percent year on year, according to the General Administration of Customs.
China surpassed the Republic of Korea to become the world's second-largest importer of LNG in 2017, according to IHS Markit, a global marketing information company.
China's imports of natural gas have grown to meet increasing domestic consumption, primarily driven by environmental policies to replace coal-fired electricity generation.
An industry report says, the country is likely to surpass Japan to become the world's largest natural gas importer by 2019, with imports expected to reach 171 billion cubic meters by 2023, mostly LNG.
Source: China Daily
China's July economic data
Chinese economic growth has stabilized at a range of 6.7 to 6.9 percent for 12 quarters in a row, said Ning. In the first half of the year, the economy grew 6.8 percent year-on-year.
In the second half of the year, efforts should be made to keep employment, the financial sector, foreign trade, foreign and domestic investments, and expectations stable.
In the second half of the year, efforts should be made to keep employment, the financial sector, foreign trade, foreign and domestic investments, and expectations stable.
China releases white paper on facts and its position on trade friction with US
China published a white paper on Monday to clarify the facts about China-US economic and trade relations, demonstrate its stance on trade friction with the United States, and pursue reasonable solutions.
Excluding the foreword, the 36,000-Chinese-character white paper is comprised of six parts, which are mutually-beneficial and win-win China-US cooperation in the trade and economic field, clarification of the facts about China-US trade and economic relations, the trade protectionist practices of the US administration, the trade bullyism practices of the US administration, damage of the improper practices of the US administration to global economy, and China's position.
China is the world's biggest developing country and the United States is the biggest developed country, said the white paper. "Trade and economic relations between China and the United States are of great significance for the two countries as well as for the stability and development of the world economy."
The white paper said the two countries are at different stages of development and have different economic systems, and therefore some level of trade friction is only natural. "The key, however, lies in how to enhance mutual trust, promote cooperation, and manage differences."
In the spirit of equality, rationality, and moving to meet each other halfway, the two countries have set up a number of communication and coordination mechanisms such as the Joint Commission on Commerce and Trade, the Strategic and Economic Dialogue, and the Comprehensive Economic Dialogue, the white paper said.
Each has made tremendous efforts over the past 40 years to overcome all kinds of obstacles and move economic and trade relations forward, which has served as the ballast and propeller of the overall bilateral relationship, according to the white paper.
However, the new administration of the US government has trumpeted "America First" since taking office in 2017, and has abandoned the fundamental norms of mutual respect and equal consultation that guide international relations, said the white paper.
"Rather, it has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure," according to the white paper.
The white paper stressed China has responded from the perspective of the common interests of both parties as well as the world trade order, observing the principle of resolving disputes through dialogue and consultation, and answering the US concerns with the greatest level of patience and good faith.
The Chinese side has been dealing with these differences with an attitude of seeking common ground while shelving divergence, the white paper said. "It has overcome many difficulties and made enormous efforts to stabilize China-US economic and trade relations by holding rounds of discussions with the US side and proposing practical solutions."
However, the US side has been contradicting itself and constantly challenging China, the white paper said.
"As a result, trade and economic friction between the two sides has escalated quickly over a short period of time, causing serious damage to the economic and trade relations which have developed over the years through the collective work of the two governments and the two peoples, and posing a grave threat to the multilateral trading system and the principle of free trade."
The Chinese government published the white paper to clarify the facts about China-US economic and trade relations, demonstrate China's stance on trade friction with the United States, and pursue reasonable solutions.
China-US economic and trade ties concern not only the well-being of the peoples of the two countries, but also world peace, prosperity and stability, the white paper said. "Cooperation is the only correct option for China and the United States, and only a win-win approach will lead to a better future. China's position is clear, consistent and firm."
Source: China Daily
Excluding the foreword, the 36,000-Chinese-character white paper is comprised of six parts, which are mutually-beneficial and win-win China-US cooperation in the trade and economic field, clarification of the facts about China-US trade and economic relations, the trade protectionist practices of the US administration, the trade bullyism practices of the US administration, damage of the improper practices of the US administration to global economy, and China's position.
China is the world's biggest developing country and the United States is the biggest developed country, said the white paper. "Trade and economic relations between China and the United States are of great significance for the two countries as well as for the stability and development of the world economy."
The white paper said the two countries are at different stages of development and have different economic systems, and therefore some level of trade friction is only natural. "The key, however, lies in how to enhance mutual trust, promote cooperation, and manage differences."
In the spirit of equality, rationality, and moving to meet each other halfway, the two countries have set up a number of communication and coordination mechanisms such as the Joint Commission on Commerce and Trade, the Strategic and Economic Dialogue, and the Comprehensive Economic Dialogue, the white paper said.
Each has made tremendous efforts over the past 40 years to overcome all kinds of obstacles and move economic and trade relations forward, which has served as the ballast and propeller of the overall bilateral relationship, according to the white paper.
However, the new administration of the US government has trumpeted "America First" since taking office in 2017, and has abandoned the fundamental norms of mutual respect and equal consultation that guide international relations, said the white paper.
"Rather, it has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure," according to the white paper.
The white paper stressed China has responded from the perspective of the common interests of both parties as well as the world trade order, observing the principle of resolving disputes through dialogue and consultation, and answering the US concerns with the greatest level of patience and good faith.
The Chinese side has been dealing with these differences with an attitude of seeking common ground while shelving divergence, the white paper said. "It has overcome many difficulties and made enormous efforts to stabilize China-US economic and trade relations by holding rounds of discussions with the US side and proposing practical solutions."
However, the US side has been contradicting itself and constantly challenging China, the white paper said.
"As a result, trade and economic friction between the two sides has escalated quickly over a short period of time, causing serious damage to the economic and trade relations which have developed over the years through the collective work of the two governments and the two peoples, and posing a grave threat to the multilateral trading system and the principle of free trade."
The Chinese government published the white paper to clarify the facts about China-US economic and trade relations, demonstrate China's stance on trade friction with the United States, and pursue reasonable solutions.
China-US economic and trade ties concern not only the well-being of the peoples of the two countries, but also world peace, prosperity and stability, the white paper said. "Cooperation is the only correct option for China and the United States, and only a win-win approach will lead to a better future. China's position is clear, consistent and firm."
Source: China Daily
Hengkeng village features traditional architectures
Aerial photo taken on Sept 12, 2018 shows Hengkeng village of Shaowu city in Southeast China's Fujian province. Hengkeng, a remote village of Shaowu, has a history of over a thousand years. It features traditional architectures, ancient streets and alleys. The ancient village is listed in Traditional Chinese Villages Catalog.
Credit: Xinhua News Agency
17 September 2018
China to celebrate Mid-Autumn Festival
Mid-Autumn Festival, an important Chinese traditional festival for family reunion, is held on the 15th day of the 8th month of the lunar calendar with full moon at night. In 2018 it falls on 24 September, Monday, and it will be of course public holiday.
Moon Cake is a must-eat desert for the festival.
139,000 BMW 3-series vehicles to be recalled in China
Xinhua News Agency reported that BMW will recall more than 139,000 of its 3-series vehicles in China from Nov. 9 over a defect in the air-conditioning system, according to a statement from China's market regulator.
The recall covers 89,309 vehicles manufactured in China between May 2005 and July 2011, and 50,143 imported vehicles manufactured between January 2005 and July 2011, the State Administration for Market Regulation said.
"A part in the air-conditioning blower may wear after use and lead to rising resistance, which may cause an increase in temperature and raise the chance of a fire," the authority said.
BMW Brilliance Automotive Ltd., a joint venture based in northeast China, and BMW China Automotive Trading Ltd. will check the vehicles and replace the defective parts free of charge.
The recall covers 89,309 vehicles manufactured in China between May 2005 and July 2011, and 50,143 imported vehicles manufactured between January 2005 and July 2011, the State Administration for Market Regulation said.
"A part in the air-conditioning blower may wear after use and lead to rising resistance, which may cause an increase in temperature and raise the chance of a fire," the authority said.
BMW Brilliance Automotive Ltd., a joint venture based in northeast China, and BMW China Automotive Trading Ltd. will check the vehicles and replace the defective parts free of charge.
07 September 2018
Illy Caffe launches new Arabica Selection in China
China Daily reports that Illycaffe is launching a new Arabica selection in China market. The four products in the selection are a Whole Bean Arabica Selection from Colombia, Brazil, Guatemala, and Ethiopia.
Announcing the launch, Illycaffe says it has perfected the roast of beans from each origin. And that the distinct roast enhances the flavors of each Arabica: the floral notes from Ethiopia; chocolate notes from Guatemala; the caramel notes from Brazil and the fruity notes from Colombia.
Each Arabica Selection has its own roasting temperature and length of time.
"The Arabica selection is high quality coffee made through our strict filtration and testing,"says Massimiliano Pogliani, CEO of Illycaffe. "And we want our clients have a better experience of the unique flavors of coffee from different origins."
Each Arabica Selection has its own roasting temperature and length of time.
"The Arabica selection is high quality coffee made through our strict filtration and testing,"says Massimiliano Pogliani, CEO of Illycaffe. "And we want our clients have a better experience of the unique flavors of coffee from different origins."
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