Category Archives: Ministry of Commerce

China, Russia to hold joint training on maritime defense operation in South China Sea

MOD BEIJING, August 26. Chinese and Russian navies conducted the third round of consultation in Zhanjiang City from August 16 to 21 for the Joint Sea-2016 joint maritime exercise and the theme of the joint exercise will be “joint maritime defense operation”. Colonel Wu Qian, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC),

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Prices of Farm Produce Keep Steady and Prices of Production Means Increase Slightly

MOFCOM. According to the monitoring of MOFCOM, the market price index of edible agricultural products was steady and means of production increased 0.2% over the previous week (August 15-21). The average price of 30 kinds of vegetables increased 0.9% over the previous week, with the prices of zucchini, spinach, and lettuce up 9.6%, 7.6% and 5.4 % respectively. The price of

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MOFCOM Spokesman Sun Jiwen Comments on Australia’s Refusing to Approve the State Grid to Lease the Ausgrid

MOFCOM. Australian Ministry of Treasury decided to veto China State Grid and Cheung Kong Infrastructure Holdings Ltd’s application of leasehold within 99 years for 50.4% interests of Ausgrid on August 19. The Ministry of Commerce has kept close eyes on the progress and its spokesman Sun Jiwen made comments. Sun Jiwen said it’s normal business for China State Grid to

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The 16th Meeting of China-Iran Commercial Committee Held in Beijing

MOFCOM.  On August 16, the Minister of Commerce Gao Hucheng hosted the 16th meeting of China-Iran commercial committee in Beijing with the minister of economy and commerce Tabuniya. The two sides exchanged suggestions on implementing the consensus reached by the leaders in commercial areas. They also exchanged ideas on broadening bilateral trade and investment, deepening the cooperation of energy, infrastructure,

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Commentary: Britain needs to join China to keep “golden” bilateral ties on track

MOFCOM. BEIJING, Aug.18 (Xinhua) — London has recently made a positive step forward in trying to dilute uncertainties clouding its relations with Beijing following a controversial decision to delay a major nuclear power plant co-sponsored with China and France. >Earlier this week, British Prime Minister Theresa May dispatched her special envoy, Alok Sharma, along with a letter to Beijing in a

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Xi calls for advancing Belt and Road Initiative

MOFCOM. BEIJING, Aug. 17 (Xinhua) — Chinese President Xi Jinping on Wednesday called for steady advance of the country’s Belt and Road Initiative to benefit people along the routes. The Belt and Road Initiative should help promote policy coordination, infrastructure connectivity, unimpeded trade, financial integration and mutual understanding among the people, Xi said at a symposium on the initiative held in

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China’s bank card transactions soar 87 pct in 2015

MOFCOM. China’s bank card market continued to expand rapidly, withtransaction volume soaring 86.9 percent year on year in 2015, the latest data showed. Bank card transactions hit 1,420.8 trillion yuan (214 trillion U.S. dollars) last year,according to a report released by the China Banking Association. Chinese banks issued 640 million new cards in 2015, bringing the total to 5.6 billion, ormore than four cards per person, the report said. While the industry continued to grow, potential credit risks remained low. Outstandingloans on credit cards overdue for half a year or longer reached 38 billion yuan, up 6.3percent year on year, compared with a 42-percent increase a year earlier. Online payment and new technology have provided opportunities of growth for the bankcard industry, but banks should improve risk control as new business models emerge, saidHuang Runzhong, an official with the association.   Ministry of Commerce Website Copyright and Disclaimer Statement All articles marked with “Article type: Original” posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear indication of

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New railway LNG transport line opens between China and Kazakhstan

MOFCO. The first train carrying liquefied natural gas from Kazakhstan to China has arrived at theborder crossing at Xinjiang. It’s arrival is being hailed as the next step in greater energy transport connections betweenChina and central Asian countries. The new rail link for Liquified Natural Gas is expected to help shore-up LNG resources,which have been coming up short in China due to growing demand and the limited capasityat the sea ports to transfer LNG onshore. Wang Xinchun, director of the Alashankou Free Trade Zone’s economic developmentbureau in Xinjiang, says their port of entry is going to significantly increase energy transport options for China. “There will be one train each week, which will transport 300-thousand tons year. In thefuture, we expect to be able to increase the annual LNG imports to 800-thouisand tons ormore according to market demand and the needs of domestic companies.” The border crossing at Alashankou in Xinjiang has seen over 8.7 million tons of goods worthover 3.5-billion US dollars pass through so far this year. Ministry of Commerce Website Copyright and Disclaimer Statement All articles marked with “Article type: Original” posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear

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Falling house prices in Dubai attracts more Chinese investors

MOFCOM Falling home prices are said to be making Dubai a more attractive destination for Chinese investors. Lisa Cui, managing director of Sara Real Estate, says Chinese buyers interested in Dubai’sproperty sector have increased significantly in over the past year. “Dubai, we can get 8 to 10 percent returns. That’s much better (than what) we get fromLondon, New York and Sydney. That makes big difference.” Sumeet Khubchandani, marketing manager with Indigo Properties, says falling prices areoffering up an opportunity in what is now a buyer’s market. “Dubai prices have hit the 4-year low. And it’s a good time to capitalize; I mean the rentalreturns are phenomenal. You are looking at 7,8,9 percent rental here.” Dubai’s real estate sector has been volatile in the past few years. Prices bottomed out after the 2008 global economic crisis hit, then began peaking again in2013. However, the latest stats from Standard &Poor’s shows housing prices in Dubai fell by anaverage of 11.5 percent last year. S&P says it expects that trend to continue through the remainder of this year. Ministry of Commerce Website Copyright and Disclaimer Statement All articles marked with “Article type: Original” posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with

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China Lock-up shares worth over 17 bln yuan eligible for trade

MOFCOM.Lock-up shares worth over 17 billion yuan (about 2.56 billion U.S.dollars) will become eligible for trade on the Shanghai and Shenzhen bourses in the comingweek. The value is lower than the previous week’s 21.6 billion yuan, according to RoyalFlushInformation. The lion’s share of the new shares belongs to Shenzhen O-film Tech Company, with morethan 209.45 million non-tradable shares worth 6.73 billion yuan to be unlockedWednesday. Other listed firms that will see large quantities of lock-up shares turn tradable includeZhejiang Crystal-optech Company, a producer of optoelectronic parts, and softwaredeveloper Beijing BDStar Navigation Company. Under China’s market rules, major shareholders of non-tradable stocks are subject to oneor two years of lock-up before they are permitted to sell these stocks. Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Indexdown 0.5 percent, closing at 2,979.34 points. Ministry of Commerce Website Copyright and Disclaimer Statement All articles marked with “Article type: Original” posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear indication of

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