ChinaRealNews

Liaoyang Petrochemical Company takes powerful measures to address global financial crisis

2009-03-31 Shenyang

Liaoyang Petrochemical Company is taking three powerful measures as smooth device operation, product structure optimization and key project establishment, to address challenges posed by the global financial crisis. In addition, the company is flexibly adjusting its marketing strategies according to its products’ different needs, achieving its target of full production and distribution.

Suizhou's foreign trade ranks third place across Hubei province

2009-03-31 Wuhan

The total export and import value of foreign trade reached US$89.9 million in Suizhou, Hubei province during January and February, a year-over-year increase of 91.8 percent and ranking the third place across the province. Of the total, approximately US$40.1 million were imports and US$49.8 million were exports, the latter delivering a year-over-year increase of 7.3 percent and climbing to the sixth place across the province.

China sees overcapacity in steel sector

2009-03-31 Beijing

According to statistics released by China Iron and Steel Association, the production volume of crude steel has increased significantly in China since last December, with the average daily production volume surpassing 1.2 million tons, 1.3 million tons and 1.4 million tons successively. The rapidly increased capacity led to a dramatic inventory increase, making steel traders deliver significant losses.

Hubei-based FiberHome Technologies, Japan's Fujikura set up joint venture in Wuhan

2009-03-31 Wuhan

Wuhan, Hubei province-based FiberHome Technologies recently signed a cooperative agreement with Japan's Fujikura to set up a joint venture in the city to produce photoelectric materials, in a move to build a leading optical fiber preform rod manufacturing base in China. According to the agreement, FiberHome Technologies will hold 40 percent of the joint venture which has an initial registered capital of US$60 million. The new venture is expected to have an annual capacity of 10 million core kilometers within the next one or two years.

Steel exports through Inner Mongolia's Erenhot port rebound in March

2009-03-31 Huhhot

Driven by the increased demand from the adjacent Mongolia, the steel exports through the Erenhot port in north China's Inner Mongolia autonomous region rebounded in March 2009. The port recorded exports of 75.2 tonnes in March 18, with a single day steel export tax of RMB11.5 thousand (US$1.7 thousand), more than 3.9 times of that for the first two months.

China sees net losses in steel, non-ferrous metals sectors during January and February

2009-03-30 Beijing

According to the latest statistics on profits of China’s industrial enterprises released by the National Bureau of Statistics of China, among 39 industrial sectors, profits for steel, non-ferrous metals and chemical fibre sectors turned into negative during January and February. The three sectors delivered net losses of RMB770 million (approx US$113 million), RMB1.9 billion (approx US$282 million) and RMB130 million (approx US$19.0 million) during the period, respectively.

Raising short-term foreign debt quota may facilitate trade financing

2009-03-30 Beijing

China’s State Administration of Foreign Exchange (SAFE) decided on March 27 to raise the amount of short-term foreign debt that financial institutions may incur this year by 12 percent from 2008 to boost trade financing.

Siping Hongzui Group’s Special Automobile division sees strong sales growth

2009-03-30 Changchun

Jilin-based Siping Hongzui Group’s Special Automobile division saw a strong sales growth - both in terms of value and volume, despite the global economy crisis. To date, the company has finished the production of more than 500 vehicles under the first quarter’s orders, achieving sales of over RMB15 million (approx. US$2.19 million). The manufacturer attributed the growth to correct development strategy and opportunities brought by the government’s stimulus package.

China's PVC imports soar in February

2009-03-30 Beijing

According to the latest statistics released by the customs agency, China imported 211,400 tons of PVC in February 2009, a significant increase of 166 percent from a year earlier. Imports of pure PVC powder grew 242 percent to 194,883 tons. PVC imports from Indonesia, Japan, Malaysia, Korea, Thailand, Taiwan and the US all exceeded 10,000 tons.

China's software industry records 20.8% growth in revenues for first two months

2009-03-30 Beijing

China's software industry generated a combined RMB126 billion (approx US$18.4 billion) in revenues during the first two months of 2009, up 20.8 percent from a year earlier. Software exports totaled US$1.98 billion, a year-on-year increase of 34.7 percent, while exports of software outsourcing services grew 53.4 percent to US$220 million. Data show that China is now home to 15,244 software companies.