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Showing posts with label China. Show all posts
Showing posts with label China. Show all posts

Saturday, July 13, 2019

Chinese firms to invest $5 billion in 3-5 years, PM told (via Dawn)

Chinese firms to invest $5 billion in 3-5 years, PM told (via Dawn)

Chinese firms to invest $5 billion in 3-5 years, PM told (via Dawn)


ISLAMABAD: Leading Chinese companies on Friday assured Prime Minister Imran Khan that they would invest $5 billion in different sectors in Pakistan in the next three to five years.

The assurance was extended to the prime minister by a Chinese delegation, comprising more than 55 executives and heads of leading Chinese companies, during a meeting at the Prime Minister Office (PMO).

FederalMinisterforPlanning Makhdoom Khusro Bakhtiar, Adviser to the PM on Finance Dr Abdul Hafeez Shaikh,Adviser to the PM on Commerce Abdul Razak Dawood, Board of Investment chairman Syed Zubair Haider Gilani and Federal Board of RevenueChairman Syed Shabbar Zaidi, besides Chinese Ambassador Yao Jing, were also present.

An official press release issued by the PMO said that theChinese business executives expressed conndence in the business-f riendly policies of the government and committed to investing $5bn over a period ofthree to five years in various small and medium size industrial sectors.

The delegation represented various sectors including construction, machinery, glass, automobile, power, transportation, information technology and technological research.

The visit of the largest ever Chinese delegation to Pakistan is said to be a follow-up of the prime minister`s recent visit to China and inking of agreements to enhance bilateral cooperation in dif ferent areas.

Prime Minister Khan welcomed the Chinese delegation and said China has always been a trusted partner of Pakistan.

The prime minister was quoted as saying that the sagacity, wisdom and vision of the Chinese leadership for peace and development, good governance and poverty alleviation was impressive and worth emulating.

`The interest of Chinese com-panies in investment and relocating business and industrial units to Pakistan reflects the trust of Chinese side in the growing economy of our country and a strong desire to translate Pak-China equation into a win-win economic p artnership, he added.

`Our government is facilitating investors and reducing impediments to doing business.

Partnership with Chinese companies and their investment will yield multiple benefits for both the countries, including employment generation, transfer of technology and economic growth,` the prime minister said.

Talking about the ChinaPakistan Economic Corridor, he reiterated that CPEC would prove to be a game-changer project in respect of enhancing trade activities and further cementing bilateral relations. `Fast-track implementation of the CPEC projects is our priority and a special unit set up in the Planning Division is overseeing implementation of various projects,` he added.

The Chinese ambassador said that investors from his country had observed fundamental improvement in government policies andcementing bilateral relations. `Fast-track implementation of the CPEC projects is our priority and a special unit set up in the Planning Division is overseeing implementation of various projects,` he added.

The Chinese ambassador said that investors from his country had observed fundamental improvement in government policies andfacilitation of foreign investors in Pakistan.

`The Chinese government would extend all possible support towards realising the vision of a strong, stable and prosperous Naya Pakistan,` he said.

The planning minister and Mr Dawood briefed the meeting about the CPEC projects and various steps being taken to facilitate business and improve ease of doing business. 

Tuesday, June 18, 2019

China earthquake death toll rises to 12 in Sichuan, Province, 135 injured

China earthquake death toll rises to 12 in Sichuan, Province, 135 injured

Search operation continues as death toll rises to 12 in SW China earthquake

Source: Xinhua| 2019-06-18 |Editor: Yamei

CHENGDU, June 18 (Xinhua) -- Twelve people died and another 135 were injured after a 6.0-magnitude earthquake hit southwest China's Sichuan Province on Monday night, the provincial bureau of emergency management said Tuesday.

The earthquake hit Changning County of Yibin at 10:55 p.m. Monday (Beijing Time), according to local authorities.

The epicenter, with a depth of 16 km, was monitored at 28.34 degrees north latitude and 104.90 degrees east longitude, according to the China Earthquake Networks Center.

Rescuers said nine people died in Changning and three in neighboring Gongxian County. Most of the deaths were caused by damaged houses.

The first round of search and rescue operations have been completed in the two counties, and no new casualties were found, according to Sichuan bureau of emergency management.

As of 11 a.m. Tuesday, the quake toppled down 73 houses and severely damaged 19 others. Nearly 4,500 people were evacuated in quake-hit areas. Direct economic loss totaled 10.82 million yuan (about 1.59 million U.S. dollars).

On Tuesday morning, 53 people were still receiving treatment in two hospitals in Changning. Among them, two are in critical conditions and six others are severely injured.

The Ministry of Emergency Management has activated an emergency response and sent a work team to the stricken areas to provide guidance in rescue and disaster relief.

The ministry and the National Food and Strategic Reserves Administration have dispatched 5,000 tents, 10,000 folding beds and 20,000 quilts to the quake-hit areas.

The first team of nine medical experts has set off for the quake-hit region while the second team stands by, according to the National Health Commission (NHC).

Team members are experts in critical care, orthopedics, psychology, epidemic control and sanitation from leading hospitals in Beijing and the Chinese Center for Disease Control and Prevention.

Three national medical emergency teams have been on call while three local medical teams of about 50 members have reached the quake-hit region.

Relief materials from the Red Cross Society of China are on the way, including tents, quilts and coats, as well as several search and rescue teams.

China's armed police forces were also dispatched for rescue soon after the earthquake.

Nearly 800 armed police forces from Sichuan set off for the epicenter for rescue efforts with professional equipment including life detectors and forcible entry tools. More than 1,000 armed police forces from Sichuan Province were assigned as mobile forces for reinforcement.

As of 8 a.m. Tuesday, a total of eight buried people were retrieved from the debris, and over 600 people were relocated by the armed police forces. They have also finished transporting 12 tonnes of supplies and put up over 120 tents.

The quake caused a major highway connecting Yibin and Xuyong County of Sichuan's Luzhou City to be closed. Some sections of other roads were also blocked or closed.

In the provincial capital Chengdu, an early warning system alarmed the public through multiple broadcasting systems about one minute before the earthquake struck. The same system alerted residents in Yibin 10 seconds before the quake hit.

The early warning system uses the theory that radio waves travel faster than seismic waves.

Earthquake research has found that being aware of an earthquake three seconds beforehand can save 14 percent of casualties, 10 seconds can save 39 percent of casualties and 20 seconds can save 63 percent of casualties.

Friday, May 24, 2019

US restrictions on Huawei to obstruct global 5G network rollout, industry earnings: report

US restrictions on Huawei to obstruct global 5G network rollout, industry earnings: report

US restrictions on Huawei to obstruct global 5G network rollout, industry earnings: report

NEW YORK - The US restrictions on sale and transfer of American technologies to Chinese telecom giant Huawei would hold back the launch of 5G networks and earnings of the tech sectors across the world, Swiss leading investment bank UBS said in a latest research report.

"Lengthy restrictions on Huawei could slow the global rollout of 5G networks," said the report released on Wednesday.

"These developments increase the likelihood telecom providers take a wait-and-see approach on the dispute before making 5G purchase for their next generation networks," it added.

Assuming the current restrictions stay in place, UBS estimated that industry earnings would decline by low-single-digits percentage for the US tech players in general.

While for the Asian tech sector, such losses would expand by mid-single-digits percentage. Yet the bank saw a neutral impact for Europe's tech industry.

Washington last week declared a national emergency over what it claimed are technological threats, and announced restrictions on sale and transfer of American technologies to Huawei.

"US companies are now required to obtain licenses to transfer technology to Huawei, effectively restricting them from selling new components, chips or software to the Chinese company and its 70 affiliates without prior US government approval," UBS explained to its clients.

Yet the US Department of Commerce on Monday issued a 90-day temporary license, effective from May 20 to Aug 19, which allows "specific limited engagement in transactions involving the export, reexport, and transfer of items" to Huawei.

"However, rather than a reprieve for the Chinese firm itself, the slight easing of rules is squarely aimed at Huawei's past customers, such as rural broadband providers or owners of its Android phones," UBS said.

The financial institution further pointed out that the impact on the global supply chain would be contingent on "the length and severity of restrictions imposed on Huawei."

In response to the US restrictions on Huawei, Ren Zhengfei, the company's founder and president, said on Tuesday that Huawei never wants to "walk alone" in the global markets, but has made good preparations for any extreme circumstances, adding that it would not reject the US supply chain. 

Source: ChinaDaily
Nestle unveils fruity instant coffee in China

Nestle unveils fruity instant coffee in China

Nestle unveils fruity instant coffee in China

Nestle has launched a series of new instant coffee products, which are infused with fruit flavor and can be brewed with ice or sparkling water for a more refreshing taste in the summer.

It marks the first time that the 80-year-old coffee producer Nescafé has launched crossover products in fruit flavors.

The move is an attempt by Nestle to attract young consumers with a more affordable yet unconventional coffee-drinking experience

The innovative products, dubbed Fruity Ice Coffee, have recently been launched on Tmall. Each single serving packet is priced less than 2 yuan ($0.28), designed to make the product more affordable and appealing to consumers mainly aged 15 to 30.

It took six months for Nestle's local team in China to design and develop the products. The bright, summery package design highlighting its three flavors -- peach, pineapple and green apple -- is different from the company's traditional instant coffee products.

The food- and beverage-maker has also invited online influencers to demonstrate how they create a variety of drinking experiences by mixing the product with sparkling water, ice or milk.

Wang Zhendong, chairman of the consultancy firm Shanghai Feiyue Investment Management, a company that specializes in the coffee industry, said Nestle has to keep innovating to strengthen its market dominance in China as it has recently been challenged by Southeast Asian instant coffee producers.

"Fruit-flavored coffee is the latest trend, but how to apply this trend to a more convenient consumption scenario is key in product development, as ice is not widely available at campuses, offices or homes in China."

Altug Guven, senior vice-president for Nestlé's coffee business in China, considers China a coffee consumption market with great potential.

Coffee consumption penetration has reached 50 percent among other beverages, but at a lower frequency, according to Nestle. Instant coffee tops all other coffee consumption at a penetration rate of 30 percent.

Guven said the Nescafé business in China is developing very fast. In 2018, the sector maintained double-digit growth, while some categories maintained high double-digit growth.

Faced with the rapid development of the Chinese market, brands must constantly change and innovate in order to cater to more consumer preferences.

"Young consumers like fresh taste and consumption experiences," said Guven. "So this series is aimed at matching coffee with the most fashionable taste elements at present to create a rich and wonderful multitaste experience."

Nestle said surveys show that taste is the most important driving force for consumers in choosing coffee products on e-commerce platforms.

According to e-commerce sales data in 2018, the annual sales volume of multiflavor coffee products grew rapidly, with an increase of nearly 70 percent, while young Chinese consumers preferred to try fresh and unique flavors.

Nescafé will introduce other unconventional flavors that suit local tastes in the winter.

The Nestlé Global Financial Report 2018 showed that growth was mainly attributed to innovations in infant nutrition, coffee and culinary businesses, as well as e-commerce. The coffee business is also playing an increasingly important role in growth. ChinaDaily

Boat accident leaves 10 dead, 8 missing in southwest China

Boat accident leaves 10 dead, 8 missing in southwest China

Boat accident leaves 10 dead, 8 missing in southwest China

GUIYANG -- Ten people have been confirmed dead and 8 others remained missing after a boat capsized on a river in Southwest China's Guizhou province Thursday afternoon, according to local authorities Friday.

Rescuers composed of police, emergency response officers, people from the transport and health departments in Bouyei-Miao Autonomous Prefecture of Qianxinan are searching for the missing, and trying to lift up the capsized boat.

The vessel had 29 people on board when it capsized at 6:30 pm Thursday on the Beipan River. Eleven of them have been rescued. ChinaDaily

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