By Xinhuanet| 2022-03-08 21:36:06

Sales of new energy vehicles (NEVs) in China surged in February, driving the country's automotive market to accelerate its green transition, the China Passenger Car Association said on Tuesday.Last month, a total of 272,000 NEVs were sold in China, soaring 180.5 percent year on year.Chinese NEV manufacturers saw strong wholesale figures last month, with five recording wholesale figures above 10,000 units.China's leading NEV manufacturer BYD saw wholesale figures soar to 87,473 units, and Tesla China followed with 56,515 units last month, according to the association.The NEV market penetration rate stood at 21.8 percent last month, up from 9.6 percent during the same period last year, the association said.China's NEV exports also remained strong. Tesla China exported 33,315 NEVs last month, and SAIC Motor exported 4,325 units.

By Xinhuanet| 2022-03-06 12:08:43

China's courier sector continued to expand in February, a monthly industry index has shown.The China express delivery development index stood at 229.4 last month, up 21.4 percent year on year, the State Post Bureau said.The monthly volume of parcels delivered is estimated to have increased 48 percent year on year while express delivery revenue went up 31 percent, the bureau said.In February 2021, the courier sector handled about 4.8 billion parcels, with revenue totalling 49 billion yuan (about 7.74 billion U.S. dollars).The bureau attributed the increase to the week-long Spring Festival holiday and the Winter Olympics economy.It forecast continued expansion of the sector in March, with the average daily volume of parcels delivered exceeding 300 million. 

By Xinhuanet| 2022-03-04 20:08:03

China has reduced or waived six local taxes and two fees for small and micro businesses, the Ministry of Finance said Friday.The tax and fee cuts came into play from January 1, 2022, and will be effective until December 31, 2024, according to a circular jointly issued by the ministry and the State Taxation Administration.In breakdown, resource tax, urban maintenance and construction tax, real-estate tax, urban land use tax, stamp tax and tax of farmland used for non-agricultural purposes as well as education surcharge and local education surcharge were reduced for all small-scale value-added taxpayers, low-profit small businesses and self-employed households.The tax and fee cut is also available for those who have already benefited from other relevant preferential policies, according to the circular.Low-profit small businesses mentioned in this circular refer to legitimate enterprises with annual taxable incomes of less than 3 million yuan (about 474,023 U.S. dollars), no more than 300 employees and 50 million yuan in total assets.

By Xinhuanet| 2022-03-01 19:41:21

The purchasing managers' index (PMI) for China's manufacturing sector came in at 50.2 in February, up from 50.1 in January, data from the National Bureau of Statistics (NBS) showed Tuesday.A reading above 50 indicates expansion, while a reading below reflects contraction."With rising demand and sound market expectations, business performance improved in February," said NBS senior statistician Zhao Qinghe."The PMI data came in better than expected, indicating that the policies to stabilize growth are paying off and demand is showing signs of expansion," said Wen Bin, the chief analyst at China Minsheng Bank.Last month, the sub-index measuring purchase prices of major raw materials rose 3.6 percentage points to 60. The sub-index for prices at the factory gate was 54.1, up 3.2 percentage points from January.The sub-index for production reached 50.4, down 0.5 percentage points from a month ago but has remained in the expansion area for four consecutive months.The new order sub-index rose 1.4 percentage points to 50.7, pointing to rising demand in the manufacturing market.Manufacturing companies' confidence was on the rise, with the sub-index for production and operation activity expectations at 58.7, up 1.2 percentage points from January.The PMI for high-tech manufacturing and equipment manufacturing were 53.1 and 51.4, respectively, 1.2 and 1.1 percentage points higher than the previous month. The two indices have been in the expansion range since March 2020, indicating that new growth drivers are continuing to gain momentum.Despite an improvement in the performance of the manufacturing industry, there still are problems restraining the sector, such as high costs of labor and raw materials as well as lack of funds, Zhao said.The country still needs to "push forward the implementation of policies to help manufacturing enterprises ease difficulties, and to buoy their steady growth," he said.Tuesday's data also showed that the PMI for China's non-manufacturing sector came in at 51.6 in February, up from 51.1 in January.Chinese authorities have underscored "triple pressure" on the economy currently -- shrinking demand, supply shocks and weakening expectations.The tone-setting Central Economic Work Conference held in December last year stressed "stability" as the top priority for the nation's economic policies in 2022.

By Xinhuanet| 2022-02-28 21:45:53

China will adopt the tariff rates it has pledged under the Regional Comprehensive Economic Partnership (RCEP) agreement on part of imports from Malaysia from March 18, the Customs Tariff Commission of the State Council has said.The new tariff rates will take effect on the same day as the world's largest deal comes into force for Malaysia, which has recently deposited its instrument of approval with the Secretary-General of the Association of Southeast Asian Nations (ASEAN).The RCEP deal, which entered into force on Jan. 1 initially in 10 countries, will then be effective for 12 of its 15 signing members.According to the commission's statement, the first-year RCEP tariff rates applicable to ASEAN members will be adopted on imports from Malaysia. The annual rates for subsequent years will be implemented from Jan. 1 of the respective years.The agreement was signed on Nov. 15, 2020, by 15 Asia-Pacific countries -- 10 ASEAN members and China, Japan, the Republic of Korea, Australia and New Zealand -- after eight years of negotiations that started in 2012.Within this trade bloc that covers nearly a third of the world's population and accounts for about 30 percent of the global GDP, more than 90 percent of merchandise trade will eventually be subject to zero tariffs. 

By Xinhuanet| 2022-02-28 21:44:23

The trade volume between the southern Chinese city of Shenzhen and member states of the Regional Comprehensive Economic Partnership (RCEP) hit a record of 935.5 billion yuan (147.5 billion U.S. dollars) in 2021, up 13.6 percent year on year, according to the city's customs bureau.In 2021, Shenzhen's general trade and processing trade with RCEP members continued to grow, the customs said.The city's trade with ASEAN member states rose 12.2 percent year on year to 532.8 billion yuan, accounting for the majority of the total.Mechanical and electrical products took a dominant position in the city's trade, the customs said.The RCEP agreement was signed among 15 participating countries in November 2020, including 10 ASEAN members and some of their major trading partners, namely China, Japan, the Republic of Korea, Australia, and New Zealand.

By Xinhuanet| 2022-02-28 21:41:43

China has maintained its position as the world's largest manufacturing hub for 12 straight years, the Ministry of Industry and Information Technology (MIIT) said on Monday.The value-added output of the manufacturing sector in 2021 increased 9.8 percent year on year to 31.4 trillion yuan (about 4.97 trillion U.S. dollars), accounting for 27.4 percent of the country's GDP, MIIT Minister Xiao Yaqing told a press conference.Specifically, the output of the high-tech manufacturing industry went up 18.2 percent year on year, while that of equipment manufacturing increased 12.9 percent, while digitalization and green development of the sector also picked up paces, Xiao said.Meanwhile, China now has more than 4,700 national-level "little giant" firms, or small enterprises that are still in the early stage of development and focus on the new generations of information technology, high-end equipment manufacturing, new energy, new materials, biomedicine and other high-end fields.In terms of 5G development, the country has built a total of 1.43 million 5G base stations by the end of last year, with the number of mobile terminals connected to the network exceeding 520 million, Xiao said.The ministry will further stimulate investment in the manufacturing sector, encourage enterprises to level up their manufacturing technologies and speed up the establishment of 5G services and gigabit fiber-optic networks, said the minister. 

By Xinhuanet| 2022-02-25 21:02:53

Self-locking alternative to the hex nutThe CONU counter nut is a new and innovative ‘fastener locking device’ (patent pending). Compared to conventional hex nuts this counter nut offers a wide variety of advantages depending on the application, such as reduced space requirements and flow resistance as well as a lower risk of injury.Thanks to its self-locking effect, CONU does not require any additional safety and prevents ‘self-loosening’. Due to its unique shape the counter nut fits into the countersink without any protrusion. The result: an almost flat surface.Strong self-locking effect prevents ‘self-loosening’The key to CONU’s strength and versatility is its design: Due to the angle difference between nut and countersunk, plus due to the added serrations on the conical surface, the self-locking mechanism starts and then gets stronger the further the nut is pulled into the countersunk hole. This prevents the joints ‘self-loosening’. In addition, the joint can be tightened and locked without needing a spanner to hold the nut. In the Junker test (DIN 65151), the constant pre-load force was confirmed despite strong vibrations.Four partners – one innovationCONU was developed by Fürstenberg Fittings in Hamburg (patent pending). It is distributed by REYHER, one of the leading trading companies for fasteners and fixing technology in Europe, and the NORD-LOCK GROUP, market leader in the field of securing bolted joints. The counter nut is manufactured by HEWI G. Winker, a well-established automotive supplier and manufacturer of lock nuts and formed parts from Spaichingen in Baden-Württemberg.For the launch phase, CONU will be available in sizes M 6 to M 16 and in two different versions. This means that the counter nut can be used with grade 8.8 and 10.9 high tensile screws and bolts.

By Xinhuanet| 2022-02-25 20:53:58

The Chinese government will work to help enterprises better hedge exchange rate risks as the yuan rises, Gao Feng, spokesperson for the Ministry of Commerce, said on Thursday.Gao made the remarks after the Chinese currency, the renminbi, or the yuan, had appreciated sharply in recent days."Exchange rate fluctuations have a multidimensional impact on the production and operations of foreign trade enterprises, affecting their bargaining power and cost-effectiveness," Gao told a regular press conference.The ministry will work with relevant government departments to promote the diversifying of hedging products and services, and optimize the environment for renminbi cross-border trade settlement, so as to help enterprises better adapt to two-way fluctuations of the renminbi exchange rate and enhance their capacity to guard against risks, Gao said.Speaking about Asia-Pacific cooperation, he said that strengthening trade cooperation in the region has its unique advantages and an inherent driving force.With the deepening of economic globalization and the accelerating flows of capital, technology and labor, the Asia-Pacific has become the most dynamic and promising regions in the world, he said.Since the outbreak of COVID-19, countries in the Asia-Pacific region have supported each other and enhanced trade and industrial chain cooperation, demonstrating their strong resilience and potential for development, Gao said.Under the Regional Comprehensive Economic Partnership agreement, over 90 percent of trade in goods in the region will eventually be tariff-free, which will further boost intra-regional trade facilitation and make industrial and supply chain coordination more efficient, he said.When asked about the recent COVID-19 outbreak in the city of Suzhou in east China's Jiangsu Province, Gao said the impact on the Suzhou Industrial Park was under control, and the production and operations of most enterprises have not been affected.The ministry will work to help local enterprises solve difficulties in logistics, disinfection and testing procedures, and assist affected companies to resume work and production as soon as possible, he said. 

By Xinhuanet| 2022-02-25 20:39:55

The pilot free trade zone (FTZ) in east China's Anhui Province generated foreign trade of over 154 billion yuan (about 24.3 billion U.S. dollars) in 2021, accounting for 22.3 percent of the province's total.A total of 13,000 new enterprises had been established and 795 projects signed in Anhui's pilot FTZ in 2021, with a combined contractual investment of 319.5 billion yuan, according to the administration office of the China (Anhui) Pilot Free Trade Zone."We will grasp the opportunities such as the Regional Comprehensive Economic Partnership agreement to woo more investment and boost foreign trade this year," Zhang Jian, head of the Anhui provincial department of commerce and director of the pilot FTZ's administration office told a press conference on Thursday.Established in September 2020 with three subzones in the cities of Hefei, Wuhu and Bengbu, the Anhui pilot FTZ has developed rapidly to become a high-level opening-up and development platform.