Archive for ‘China alert’

13/01/2019

Bank of China to enable payment in yuan on U.S. e-commerce platforms: Xinhua

BEIJING (Reuters) – Bank of China’s New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on U.S. e-commerce platforms this year, the official Xinhua news agency reported on Sunday.

Pledging to introduce more services for small and medium-sized enterprises engaged in cross-border trade between the United States and China, executives from the branch said payment in yuan would be possible by tapping new functions of e-MPay, a cross-border payment system launched by the branch in 2016.

The branch is developing a system using an existing platform to “facilitate trade finance for e-commerce players,” said Xu Chen, president and chief executive officer of Bank of China USA, Xinhua reported, without providing further details.

The system will adhere to U.S. anti-money laundering rules through artificial intelligence and cyber security technologies, Xu added.

A unit of fellow state-owned bank Industrial and Commercial Bank of China (ICBC) last year settled money laundering charges in the United States.

13/01/2019

Chinese coal mine roof collapse in Shaanxi kills 21

  • 13 January 2019
Map locator

At least 21 miners died when a roof collapsed in a coal mine in northern China, officials say.

Sixty-six miners were rescued after the accident on Saturday at the Lijiagou mine near the city of Shenmu in Shaanxi province.

The cause of the collapse is under investigation, the official Xinhua news agency reported.

Mining accidents in China are quite common despite efforts to improve safety.

The Lijiagou mine is operated by the Baiji Mining Company, Xinhua said. No further details of the incident were available.

Last October, 21 coal miners were killed when an underground rock fall blocked a shaft in eastern Shandong province.

According to the latest figures from China’s National Coal Mine Safety Administration, there were 375 deaths in coal mines in 2017, a fall of about 28% on the previous year.

In a statement last January, the bureau said the “situation of coal mine safety production is still grim” despite improvements.

13/01/2019

China’s first 3D-printed footbridge opens in Shanghai

  • Developer says 15-metre span is an example of the many possibilities of the new technology
  • Sturdy design means bridge is strong enough to support four adults per square metre, engineer says
PUBLISHED : Sunday, 13 January, 2019, 7:03pm
UPDATED : Sunday, 13 January, 2019, 7:03pm

The span, which opened for business on Friday, was created by Shanghai Machinery Construction Group using materials made by Polymaker, the state-run China News Service reported.

“It’s both an everyday, practical application and an interactive one that involves people touching and even relying upon … a 3D printed thing,” Polymaker said on its website.

“Many people have never touched a 3D printed object and they still think of it as part fantasy and part future tech, so projects like this do a lot of good in terms of exposing the public to the reality and the possibilities of 3D printing,” it said.

The footbridge, which engineers said should last about 30 years, was installed over a narrow creek at the Taopu Smart City complex in Shanghai’s Putuo district, the news report said.

On its website the Shanghai government described the new bridge as an “innovative way to promote 3D printing technology and popularise it in urban construction”.

Polymaker said the machine used to print the bridge, which is 3.8 metres wide, 1.2 metres deep and about 5,800kg (12,800lbs) in weight, cost US$2.8 million.

The span was made as a single piece from a combination of glass fibre and a printable plastic filament known as acrylonitrile styrene acrylate, it said.

A separate report by Xinming Evening News quoted an engineer as saying the bridge was capable of bearing a load of 250kg per square metre, or about the weight of four adults.

Before starting the printing process, the build team spent 18 months in research and planning, it said.

While the Shanghai bridge is the first of its kind in China, it is not a world first in terms of 3D printing.

That honour goes to a 12-metre walkway installed at a park in Madrid in 2017, while a 3D-printed steel bridge was unveiled in the Netherlands in October.

13/01/2019

Chinese commerce minister vows continued efforts to attract foreign investment

BEIJING, Jan. 12 (Xinhua) — China will continue its efforts to widen market access for foreign investment and build a better business environment, Minister of Commerce Zhong Shan has said.

In an interview on Friday, Zhong said measures will be taken to shorten negative lists for foreign investors adopted in pilot free trade zones (FTZs) and nationwide, and wholly-foreign ownership will be allowed in more sectors.

China will press ahead with opening-up in the service sector, and encourage foreign investment in manufacturing and high-tech industries, and in central and western regions, Zhong said, adding that governments will help foreign companies address difficulties in investing in China.

To provide a favorable environment, the ministry will push for the foreign investment law and improve governments’ handling of complaints from foreign businesses, Zhong said.

As a major investment destination in the world, China maintained stable growth in foreign direct investment (FDI) against a gloomy global climate. Its FDI went up 3 percent year on year to 135 billion U.S. dollars last year, while that of the world’s total and developed countries slumped 41 percent and 69 percent, respectively, in the first half of 2018.

The World Bank has raised China by 32 places in terms of business environment, and 95 percent of companies surveyed by the U.S.-China Business Council said they would increase investment or maintain the existing presence in China in the coming year.

“The Chinese market has huge potential and sound prospects,” Zhong said. China’s goods consumption is expected to gain 9.1 percent from a year ago in 2018 to 38 trillion yuan (5.6 trillion U.S. dollars), serving as the biggest growth driver for five consecutive years.

“China is steadily marching toward the largest country of goods consumption,” Zhong said.

The ministry will further stimulate domestic consumption this year, with measures to promote urban consumption upgrades, tap into the potential in rural areas, foster modern supply chains, and bolster services consumption.

China’s foreign trade also remained steady, with the total imports and exports up 14.8 percent to stand at 4.2 trillion U.S. dollars in the first 11 months, hitting a new high. The services trade increased 15 percent from a year ago to 656.2 billion U.S. dollars in the first ten months, the world’s second largest.

Zhong listed three major tasks of the ministry in 2019: holding the second import expo, properly handling trade frictions with the United States, and pushing forward pilot FTZs and the Hainan free trade port.

The ministry will implement the consensus reached between Chinese and U.S. heads of states, propel economic and trade negotiations, and expand cooperation with U.S. states and cities, businesses and non-governmental institutions in a bid to promote stable China-U.S. economic ties and win-win cooperation.

13/01/2019

Senior CPC official meets Afghan president’s national security adviser

CHINA-BEIJING-GUO SHENGKUN-AFGHAN PRESIDENT'S NATIONAL SECURITY ADVISER-MEETING (CN)

Guo Shengkun (R), a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the Commission for Political and Legal Affairs of the CPC Central Committee, meets with Afghan president’s national security adviser Hamdullah Mohib in Beijing, capital of China, Jan. 11, 2019. (Xinhua/Shen Hong)

BEIJING, Jan. 12 (Xinhua) — Guo Shengkun, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, met with Afghan president’s national security adviser Hamdullah Mohib Friday in Beijing.

Guo, also head of the Commission for Political and Legal Affairs of the CPC Central Committee, called on China and Afghan to implement the consensus reached by the two heads of state and continue to advance the strategic cooperative partnership between the two countries.

China’s law enforcement and security departments stand ready to enhance cooperation with Afghan in counter-terrorism, border security, institution and personnel security, so as to safeguard security and development interests of the two countries, and promote regional peace and stability.

Mohib said Afghan will resolutely fight against terrorism, and stands ready to deepen law enforcement and security cooperation between the two countries.

12/01/2019

China’s premier says tax cuts support employment, economic stability

SHANGHAI (Reuters) – China’s plans for tax cuts targeting smaller companies will help to support employment and economic stability, and will expand the country’s tax base over the long term, Premier Li Keqiang was quoted as saying on Saturday.

“Implementing tax cuts for small and micro enterprises is mainly to support employment,” Li said in comments posted on the Chinese government’s website.

Developing and strengthening small companies is linked to economic stability and stable employment, he said.

“Looking at the long term, this will continue to expand the tax base, conserve tax resources and ultimately achieve wins for mass employment, corporate profits and fiscal revenues,” he was quoted as saying, referring to the corporate tax cuts.

Li’s comments come amid growing official concern over China’s slowing economic growth and its impact on the labour market.

Chinese authorities plan to set a lower economic growth target of 6 to 6.5 percent in 2019, compared with “around” 6.5 percent in 2018, sources told Reuters, as weakening domestic demand and a damaging trade war with the United States drag on business activity and consumer confidence.

Analysts expect that China’s economy grew around 6.6 percent last year, its slowest pace since 1990, and it is expected to cool further in coming months before a slew of support measures start to kick in.

“The bottom line for the policymakers is social stability, which is crucially tied to the unemployment rate and job creation,” analysts at BoAML said in a recent note. “With U.S.-China trade risks still looming large, we believe policymakers would not hesitate to take pre-emptive measures to stabilise expectations on job stability.”

More growth boosting steps are expected this year as policymakers seek to avert the risk of a sharper slowdown.

China’s State Council, or cabinet, said on Jan. 9 that it would further reduce taxes for smaller companies. On Friday, Finance Minister Liu Kun said authorities would step up tax and fee cuts to lower corporate burdens.

12/01/2019

Chang’e-4: China Moon probes take snaps of each other

  • 11 January 2019
Lunar roverImage copyrightCLEP
Image captionAn image of the rover taken with the lander’s terrain camera (TCAM)

A Chinese rover and lander have taken images of each other on the Moon’s surface.

The Chinese space agency says the spacecraft are in good working order after touching down on the lunar far side on 3 January.

Also released are new panoramic images of the landing site, along with video of the vehicles touching down.

The rover and lander are carrying instruments to analyse the region’s geology.

The Chang’e-4 mission is the first to explore the Moon’s far side from the surface.

Chang'e-4 landerImage copyrightCLEP
Image captionA picture of the lander taken by the rover’s panoramic camera (PCAM)

The rover has just awoken from a period on “standby”.

Controllers placed it in this mode shortly after the touchdown as a precaution against high temperatures, as the Sun rose to its highest point over the landing site.

Those temperatures were expected to reach around 200C. But the Chinese Lunar Exploration Program (CLEP) said that as of the morning of 11 January, the Yutu 2 rover, its lander and the relay satellite were all in a “stable condition”.

PanoramaImage copyrightCLEP
Image captionPart of the cylinder projection of Von Kármán crater from one of the lander’s cameras
Azimuth projectionImage copyrightCLEP
Image captionAzimuth projection of the landing site from one of the cameras on Chang’e-4’s lander

The panoramic images show parts of the static lander and the Yutu 2 (“jade rabbit”) rover, which is now exploring the landing site in Von Kármán crater.

CLEP, which released the images, said in a statement: “Researchers completed the preliminary analysis of the lunar surface topography around the landing site based on the image taken by the landing camera.”

In contrast with previous images from the landing site, the panoramic image has been colour-corrected by Chinese researchers to better reflect the colours we would see if we were standing there.

Online commentators had pointed out that these earlier, unprocessed images made the lunar landscape look reddish – a far cry from the gunpowder grey landscapes familiar from other missions to the surface.

rover
Image captionRaw images made the lunar surface appear red; the new images have been calibrated

In an article for The Conversation, Prof Dave Rothery, from the Open University in Milton Keynes, observed: “In the raw version, the lunar surface looks red because the detectors used were more sensitive to red than they were to blue or green.”

Chang’e-4 was launched from Xichang Satellite Launch Centre in China on 7 December. It touched down at 10:26 Beijing time (02:26 GMT) on 3 January.

Because of a phenomenon called “tidal locking”, we see only one face of the Moon from Earth. This is because the Moon takes just as long to rotate on its own axis as it takes to complete one orbit of Earth.

The far side is more rugged, with a thicker, older crust that is pocked with more craters. There are also very few of the “maria” – dark basaltic “seas” created by lava flows – that are evident on the more familiar near side.

Because there’s no way to establish a direct radio link to Earth from the far side, the spacecraft must bounce data off a relay satellite, called Queqiao (or magpie bridge), which orbits 65,000km beyond the Moon, around a so-called Lagrange point.

CLEP said: “The ground receiving image was clear and intact, the Chinese and foreign scientific loads were working normally, and the detection data was valid.”

Space News reported that the rover would be put into a dormant state on 12 January, to coincide with the lunar night-time, when temperatures could drop to around -180C.

During this time, the rover would have limited functions.

12/01/2019

Chinese love to play piano, even if their locally made instruments keep hitting bum notes

  • Country is the world’s biggest manufacturer and exporter of pianos, shipping about 350,000 a year, but has a reputation for producing low-quality models
  • As living standards have improved across the country, pianos are no longer seen as luxury items
PUBLISHED : Saturday, 12 January, 2019, 7:18pm
UPDATED : Saturday, 12 January, 2019, 7:17pm

Playing the piano is becoming an increasingly popular pastime for Chinese people young and old, but while their passion is indubitable, the same cannot be said about the local manufacturers that make more of them than anywhere else in the world.

China opened its first piano factory in 1895 but it was not until the 1950s, after the founding of the People’s Republic, that state-controlled manufacturers began to spring up in major cities. Today, the country builds and sells about 350,000 models a year.

But despite its prolific output, China is not regarded as a maker of quality pianos.

According to Hong Kong pianist Gwendoline Cho-ning Kam, the “character” of a piano is determined by the craftsmanship of the people who make it, and when it comes to quality, China still has a long way to go.

“Pianos are about personal preference, but the ones made in China can’t compete on the world stage,” she said. “We rarely see them in international concert halls.”

Kam has been playing the piano for about 30 years and has tried out all sorts of brands, from locally made models like Pearl River and Yangtze River, to the best in the world from Germany’s Steinway and Italy’s Fazioli.

A manager with a leading Chinese manufacturer, who asked not to be named, said local firms did not have the expertise to produce all of the components needed to make a piano and so had to rely on imports.

“We can’t produce strings, for example,” he said. “So we buy them from Germany or Japan.”

It was the same with the felt needed for the hammers, he said.

“The raw material for hammer felt is Australian wool, but different companies make different types to create different sounds,” he said. “We’ve made a lot of progress making hammer felt but when it comes to high-end pianos, we have to import it from Germany.”

China also had a lack of technicians who truly understood music, he said.

“This is a young industry for us and our technicians’ understanding of the piano and piano music is way below that of Westerners, and that affects a piano’s character.”

David Sun, who has been tuning and repairing pianos in Shanghai and Nanjing since graduating from Nanjing University of the Arts in 2011, said that although China was not known for the quality of its pianos, most people were unconcerned.

“Most families don’t care much about the brand and most of the pianos they buy come from small Chinese factories,” he said. “The most popular ones are priced between 20,000 and 30,000 yuan (US$3,000 to US$4,400), with some costing just a little over 10,000 yuan, which is much cheaper than comparable European or American brands.”

The industry is in a different phase of development to those in the West, he said.

“The mission for many of the factories in China is to make pianos as affordable as possible, while others, who understand nothing about pianos, are in the business only to make money,” he said.

“China also doesn’t have the tradition or cultural links with the piano,” he said. “So even if a domestic maker spent a lot of money to produce a great piano, people [who know about these things] would still choose one made in Europe.”

Xiao Wei, vice-chairman of piano manufacturer Pearl River, which bought German brand Schimmel two years ago, said the company had been trying to upgrade its products after a period of rapid growth.

“Buying Shimmel in 2016 was an important part of our strategy to shift to high-end instruments,” he said.

About 90 per cent of the company’s pianos are sold in China with the rest going to Europe and North America.

“As salaries have increased in China, so the piano is no longer regarded as a luxury item,” Xiao said. “And many families have realised that playing the piano is a good way for their children and themselves to develop.”

Sun agreed there had been a spike in the number of people taking up the piano, with the fastest growing sector being the elderly.

“I would say 20 to 25 per cent of my clients are retirees in Shanghai,” he said. “Many of them went to the local college to learn how to play.”

But everyone knows that if you really want to master an instrument you have to start young. And that is exactly what six-year-old Tingting from Shanghai is doing.

“As far as I know, at least a third of my daughter’s classmates are learning to play the piano,” said her mother, Lucy Chen.

Tingting had been taking weekly lessons for nearly two years and practised for about an hour a day at home, she said.

As well as wanting her little girl to “develop an artistic temperament”, Chen said that learning the piano might also one day provide a useful source of income.

“Even if she never becomes a master, she can at least find a job,” she said. “I know lots of college students majoring in piano that make big money by teaching in their spare time.”

12/01/2019

Larger tax cut in pipeline, says China’s finance minister

BEIJING, Jan. 11 (Xinhua) — China is mulling tax reductions on a larger scale this year to bring down the burden on the real economy and improve market confidence, Minister of Finance Liu Kun has said.

Liu said in an interview on Thursday that the tax cut in the pipeline would be inclusive, simple and practical, and be implemented at an early date.

His remarks came on the heels of a new batch of tax breaks for small and micro firms, which comprised of lower tax rates, higher tax thresholds and favorable policies for investors of tech startups.

“Some 17.98 million businesses in China are covered by the inclusive tax reduction, accounting for more than 95 percent of the total corporate taxpayers and with 98 percent of them privately owned,” Liu said.

China will also step up efforts to push forward value-added tax reform for substantive tax cuts, implement special individual income tax deductions, and ease the business burden from social insurance payments, Liu said.

With intensive tax breaks, China is estimated to save a total of 1.3 trillion yuan (nearly 200 billion U.S. dollars) for market entities in 2018, outshining similar moves by any other countries in terms of scale and ratio to GDP.

While persisting in tax cuts, China will take bolder and more effective measures to implement proactive fiscal policy, Liu said.

“The fiscal expenditure will be improved moderately according to the economic situation and demand, and there will be a relatively substantial increase in the issuance of special-purpose local government bonds to support projects under construction and fix shortcomings,” Liu said.

China will make fiscal funds more effective and channel more capital into weak areas including poverty relief, agriculture, innovation and environmental protection, Liu said, adding that the general government spending would be cut by more than 5 percent.

Liu denied concerns about massive stimulus and stressed that the measures were counter-cyclical, aimed to strike a balance between stable growth and risk prevention, and would be more market-oriented and law-based.

China has assigned 1.39 trillion yuan worth of bonds to local governments, which Liu said would be used to finance the development of poor areas and major projects of railways, water conservation and rural revitalization.

12/01/2019

Chinese envoy asks for int’l support for stability in DRC

UNITED NATIONS, Jan. 11 (Xinhua) — A Chinese envoy on Friday asked the international community to continue to assist the government of the Democratic Republic of Congo (DRC) in maintaining peace and stability in the country at a crucial juncture after elections.

The international community should show full respect for the national sovereignty, independence and territorial integrity of the DRC and the authority of the national electoral commission, Ma Zhaoxu, China’s permanent representative to the United Nations, told the Security Council.

“We see elections as a country’s internal affair. We believe that the people of the DRC have the ability and wisdom to resolve relevant issues in their own way. We hope that parties in the DRC can stay calm, exercise restraint and resolve differences through dialogue and negotiation so as to maintain peace and stability.”

A peaceful handover of power is in the interests of the DRC people, and is conducive to peace, stability and development of the DRC and the African continent as a whole, he said.

The Chinese envoy also asked the international community to keep up humanitarian assistance. The Ebola epidemic in the northeast of the DRC also requires continued support from the international community, he said.

China has been a staunch supporter of DRC’s peace process and will continue to provide medical, food and other assistance, remain engaged in the country’s social and economic development, he said.

Presidential, legislative and provincial elections were held in the DRC on Dec. 30 after long and repeated delays. Provisional results were released on Wednesday.

Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India