Sany Heavy Industry Co, one of China's biggest heavy machinery makers, has won government approval to build a machinery production plant and research and development (R&D) center in Germany, the latest step in its overseas expansion.
The National Development and Reform Commission, China's top economic planning body, also revealed today in a brief statement on its website that the Hunan-based company has received the go-ahead to raise its stake in Sany International Development Co.
The statement did not reveal details about Sany's investment in Germany and the company was unavailable for comment on the issue today.
Sany had earlier unveiled plans to build a $100-million plant near Atlanta to assemble concrete mixers, a move that would make it the first Chinese machinery maker to set up shop in the North American market. The company also has operations in India and other countries.
2008年12月25日
NEWS DIGEST --- China to begin yuan-settlement trials
China to begin yuan-settlement trials
Edited by Oliver Hua haiqing1@yahoo.com
The yuan will be used in transactions with neighboring trade partners as part of a pilot project - in what could be the first step on the road to making it an international currency.
The yuan will be allowed to be used for settlement between the Pearl and Yangtze river delta regions and the special administrative regions of Hong Kong and Macao, the State Council, or the Cabinet, said in a statement yesterday.
The Guangxi Zhuang autonomous region and Yunnan province will be allowed to use the yuan to settle trade payments with ASEAN (Association of Southeast Asian Nations) members.
The pilot program was announced with a raft of other measures designed to help bolster the nation's export sector. The State Council did not give details of how and when the currency project would start.
The move will mitigate the risk of exchange rate fluctuations for Chinese exporters and their trade partners," said Zhao Xijun, finance professor at Renmin University of China.
The lion's share of China's foreign trade is currently settled in US dollars or the euro. But many analysts predict the greenback might depreciate substantially in the coming years because of the ailing US economy.
Earlier this month, Zhou Xiaochuan, governor of the central bank, said in Hong Kong that settlements using the US dollar would cause problems if the dollar's value fluctuates drastically.
The mainland's trade with Hong Kong, Macao and ASEAN nations has been rising rapidly over the past years to reach $402.7 billion last year, or 20 percent of the mainland's total trade volume.
"The move will also increase the yuan's acceptance in Asia, which will help it become an international currency in the long run," said Zhao.
The yuan's acceptance has been rising in recent years, thanks to the nation's economic prowess and its $1.9 trillion reserves of foreign exchange. Over the past year, there has been a growing advocacy at home to make the yuan a global currency, since the weakening of the greenback has caused hefty losses to China's forex reserves.
But the government has been cautious about moving in that direction, which would also require the yuan to be freely convertible. Analysts say it will take time for policymakers to make the shift as they try to maintain the stability of the currency regime.
The government has made a series of moves in recent months to expand the use of the yuan beyond its borders, which some say would benefit its slowing export sector.
The mainland signed a currency swap deal with Hong Kong on Nov 20. Earlier this year, the government also gave the go-ahead to let Chinese banks issue yuan-denominated bonds in Hong Kong.
Edited by Oliver Hua haiqing1@yahoo.com
The yuan will be used in transactions with neighboring trade partners as part of a pilot project - in what could be the first step on the road to making it an international currency.
The yuan will be allowed to be used for settlement between the Pearl and Yangtze river delta regions and the special administrative regions of Hong Kong and Macao, the State Council, or the Cabinet, said in a statement yesterday.
The Guangxi Zhuang autonomous region and Yunnan province will be allowed to use the yuan to settle trade payments with ASEAN (Association of Southeast Asian Nations) members.
The pilot program was announced with a raft of other measures designed to help bolster the nation's export sector. The State Council did not give details of how and when the currency project would start.
The move will mitigate the risk of exchange rate fluctuations for Chinese exporters and their trade partners," said Zhao Xijun, finance professor at Renmin University of China.
The lion's share of China's foreign trade is currently settled in US dollars or the euro. But many analysts predict the greenback might depreciate substantially in the coming years because of the ailing US economy.
Earlier this month, Zhou Xiaochuan, governor of the central bank, said in Hong Kong that settlements using the US dollar would cause problems if the dollar's value fluctuates drastically.
The mainland's trade with Hong Kong, Macao and ASEAN nations has been rising rapidly over the past years to reach $402.7 billion last year, or 20 percent of the mainland's total trade volume.
"The move will also increase the yuan's acceptance in Asia, which will help it become an international currency in the long run," said Zhao.
The yuan's acceptance has been rising in recent years, thanks to the nation's economic prowess and its $1.9 trillion reserves of foreign exchange. Over the past year, there has been a growing advocacy at home to make the yuan a global currency, since the weakening of the greenback has caused hefty losses to China's forex reserves.
But the government has been cautious about moving in that direction, which would also require the yuan to be freely convertible. Analysts say it will take time for policymakers to make the shift as they try to maintain the stability of the currency regime.
The government has made a series of moves in recent months to expand the use of the yuan beyond its borders, which some say would benefit its slowing export sector.
The mainland signed a currency swap deal with Hong Kong on Nov 20. Earlier this year, the government also gave the go-ahead to let Chinese banks issue yuan-denominated bonds in Hong Kong.
2008年12月24日
Siemens Denies Cutting Jobs In China
Commenting on the recent rumor which says Siemens China will cut 10,000 jobs, CEO of Siemens (SI) China Hao Ruiqiang says that the news is untrue and the company will not change its plan to invest CNY10 billion in China in the future.
According to online news reports, Hao says the layoff of 10,000 employees is inexact. Siemens China currently does not have layoff plans; instead the company hired 3,000 new employees over the last fiscal year. In the next few years, China's economy will maintain a rapid growth and the company hopes to grow with China. Hao adds that the staff turnover rate of Siemens is about 8% while that of the industry is 13%. Therefore, Siemens needs new talents all the time. Its new campus recruitment plan for 2009 has already been launched.
Hao pointed out that facing the current financial crisis, the company should focus more on research and development. Siemens will not give up its CNY10 billion interim investment in China and by 2010, the overall scale of Siemens' businesses in China will reach CNY100 billion.
He also reveals that in response to the CNY4 trillion economic stimulus plan recently launched by the Chinese government, the company will shift its focuses to such sectors as rural area development, energy saving and environment protection, and local innovation. Siemens will increase its investments in technologies and solutions which are suitable for China's rural areas.
According to Siemens financial report for the 2008 fiscal year, both Siemens China's sales and new orders achieved a rapid growth of 19%, reaching CNY57 billion and CNY65.5 billion, respectively.
According to online news reports, Hao says the layoff of 10,000 employees is inexact. Siemens China currently does not have layoff plans; instead the company hired 3,000 new employees over the last fiscal year. In the next few years, China's economy will maintain a rapid growth and the company hopes to grow with China. Hao adds that the staff turnover rate of Siemens is about 8% while that of the industry is 13%. Therefore, Siemens needs new talents all the time. Its new campus recruitment plan for 2009 has already been launched.
Hao pointed out that facing the current financial crisis, the company should focus more on research and development. Siemens will not give up its CNY10 billion interim investment in China and by 2010, the overall scale of Siemens' businesses in China will reach CNY100 billion.
He also reveals that in response to the CNY4 trillion economic stimulus plan recently launched by the Chinese government, the company will shift its focuses to such sectors as rural area development, energy saving and environment protection, and local innovation. Siemens will increase its investments in technologies and solutions which are suitable for China's rural areas.
According to Siemens financial report for the 2008 fiscal year, both Siemens China's sales and new orders achieved a rapid growth of 19%, reaching CNY57 billion and CNY65.5 billion, respectively.
Global Recession Not Affecting Expat Jobs In China
Global Recession Not Affecting Expat Jobs In China
December 15th, 2008 by Stephen Cronin
With global markets in recession, jobs are disappearing in most countries. This is also true in China, where factories have been closed and workers laid off - but it does not appear to be affecting expats, who can still find a job in China.
December 15th, 2008 by Stephen Cronin
With global markets in recession, jobs are disappearing in most countries. This is also true in China, where factories have been closed and workers laid off - but it does not appear to be affecting expats, who can still find a job in China.
China Certification & Inspection Group
http://eng.ccic.com/
Oliver Hua haiqing1@yahoo.com
China Certification & Inspection Group is an independent legal entity which is incorporated by voluntary enterprises or organizations with China Certification & Inspection (Group) Co., Ltd. being the parent company.
Reorganized from former China National Import & Export Commodities Inspection Corp., China Certification & Inspection (Group) Co., Ltd. (hereinafter referred to CCIC) is a transnational company that is dedicated to provide inspection, surveying, certification and testing services, with authorization from the State Council, and with accreditation by the State Administration of Quality Supervision, Inspection & Quarantine and the Certification & Accreditation Administration of the People's Republic of China.
I can perform the inspection task according to your specs if you need my service.
Oliver Hua haiqing1@yahoo.com
http://eng.ccic.com/
Oliver Hua haiqing1@yahoo.com
China Certification & Inspection Group is an independent legal entity which is incorporated by voluntary enterprises or organizations with China Certification & Inspection (Group) Co., Ltd. being the parent company.
Reorganized from former China National Import & Export Commodities Inspection Corp., China Certification & Inspection (Group) Co., Ltd. (hereinafter referred to CCIC) is a transnational company that is dedicated to provide inspection, surveying, certification and testing services, with authorization from the State Council, and with accreditation by the State Administration of Quality Supervision, Inspection & Quarantine and the Certification & Accreditation Administration of the People's Republic of China.
I can perform the inspection task according to your specs if you need my service.
Oliver Hua haiqing1@yahoo.com
http://eng.ccic.com/
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