Category Archives: China

China becomes globally largest gold spot trading market for eight years running: SGE

 

China becomes globally largest gold spot trading market for eight years running: SGE

SHANGHAI, July 9 (Xinhua) — China has become the globally largest spot trading market of gold for the eighth consecutive year, according to the Shanghai Gold Exchange (SGE) on Thursday.

The SGE data shows that transaction volume in the bourse increased by 151 percent year on year in the first half of 2015. In a breakdown, the SGE’s gold transactions jumped 166 percent year on year to 17,520 metric tons (tonnes), and silver transactions surged 151 percent year on year to 380,000 tonnes.

The international board of the SGE has so far seen accumulative gold transactions stand at 4,764 tonnes and silver transactions stand at 525 tonnes.

The SGE launched the gold international trading board on September 18, 2014. It is the first international financial asset transaction platform launched in the Shanghai free trade zone (FTZ).

As the only legal gold spot trading market in China approved by the country’s central bank, the SGE has become the global largest gold spot trading on-floor bourse for the eighth consecutive year. Rankings of its gold and silver transactions among global exchanges have increased continuously, said an official of the SGE. Enditem

Editor  Xuefei Chen Axelsson

Xinhua Insight: China adopts new law on national security

Xinhua Insight: China adopts new law on national security

BEIJING, July 1 (Greenpost) — China’s top legislature on Wednesday adopted a new national security law highlighting cyber security and demanding the establishment of a coordinated, efficient crisis management system.

Of the 155 lawmakers present at a bimonthly session of the National People’s Congress (NPC) Standing Committee, 154 voted for the legislation. One abstained.

The new law, which will be signed into force by President Xi Jinping later Wednesday, covers a wide spectrum of areas including defense, finance, science and technology, culture and religion.

Outer space activities and assets, as well as those at ocean depths and in polar regions, were also brought under the national security umbrella.

A national security review and regulatory system and relevant mechanisms would be set up to censor items that have or may have an impact on national security, including foreign investment, particular materials and key technologies, network and information technology products and services, projects involving national security, it said.

Security is a top issue in China. A National Security Commission headed by Xi was established in 2013. An overall national security outlook put forward by Xi was also incorporated in the new law.

Speaking to reporters at a press conference, Zheng Shuna with the Legislative Affairs Commission of the NPC Standing Committee said the law was crucial in the face of “ever-growing security challenges”.

“We are under dual pressures […] Externally speaking, the country must defend its sovereignty, security and development interests, and internally speaking, it must also maintain political security and social stability,” Zheng said.

Thus, overarching legislation is needed to guide responses to national security threats and risks, she said.

Ma Huaide, vice president of China University of Political Science and Law, also said the law could provide a sound framework for future legislation on national security.

The first national security law took effect in 1993 and primarily regulated the work of national security agencies, whose major duty is counterespionage. It was renamed the Counterespionage Law in November.

The new law, meanwhile, said national security means that “the country’s state power, sovereignty, unity, and territorial integrity; its people’s wellbeing; its sustainable economic and social development; and other major interests are comparatively in a state of being in no danger and free of any threat from both within and without, and that the aforementioned state can be constantly guaranteed.”

Zheng rejected the notion that the definition was “too broad”.

“The definition does not cover broader areas compared with other countries,” she said.

“Any government will stand firm and ensure that there is no room for dispute, compromise or interference when it comes to protecting their core interests,” she said. “China is no exception.”

When asked to comment on the inclusion of activities and assets in space, deep sea and in polar regions in the new law, Zheng pointed to similar legislation in the United States, Japan, Russia and Europe.

China’s explorations and development in outer space, the international sea bed and polar regions have contributed to better understanding and utilization of resources, and was “conducive to the common interests of mankind,” she said, adding that China had the right to protect its activities, assets and personnel in these “new frontiers”.

One key element of the new law is a clause on cyberspace sovereignty. China will make Internet and information technology, infrastructure,information systems and data in key sectors “secure and controllable”, it read.

The country will strengthen its capability to protect cyber and information security, and enhance Internet and IT research, development and application.

Zheng said cyberspace sovereignty was the embodiment and extension of national sovereignty, adding that the Internet is an important aspect of the nation’s infrastructure.

“Internet space within the People’s Republic of China is subject to the country’s sovereignty,” she said.

China is willing to cooperate with other countries in safeguarding cyber security, building a peaceful, secure, open and cooperative cyberspace, and establishing a multilateral, democratic and transparent international Internet management system, Zheng said.

The new law also vowed that an Internet and information security system would be established to ensure cyberspace security, enhance innovation, speed up development of “strategic” technology and beef up intellectual property protection and application.

A coordinated, efficient crisis management system under a centralized leadership will be set up, it said, adding that national security crises-related information must be published in a timely manner.

Chinese citizens are obliged to report anything that undermines national security, and protect national secrets in line with the Constitution and laws, it read. Enditem

 

 

 

 

China continues to see deficit in foreign service trade

China continues to see deficit in foreign service trade

BEIJING, June 30 (Greenpost) — China continued to see a deficit in foreign service trade in May, data from the State Administration of Foreign Exchange (SAFE) showed on Tuesday.

The country’s service trade deficit reached 111.7 billion yuan (18.3 billion U.S. dollars) in May, enlarging from 106.1 billion yuan in April, according to SAFE.

Last month, the country spent a total of 224 billion yuan in international service trade, double the 112.3 billion yuan it gained during the period.

Distinct from merchandise trade, trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing and accounting.

The State Council has pledged measures to accelerate the development of trade in services, including gradually opening up the finance, education, culture and medical treatment sectors.

SAFE began issuing monthly data on service trade in January 2014 to improve the transparency of balance of payments statistics. Beginning in 2015, it added monthly data on merchandise trade to the report.

In May, China saw a surplus of 359.8 billion yuan in foreign merchandise trade, data showed. Enditem

Source Xinhua

Editor   Xuefei Chen Axelsson

China, France prioritize partnership in industry, energy, third-party markets

China, France prioritize partnership in industry, energy, third-party markets

PARIS, June 30 (Greenpost) — Chinese Premier Li Keqiang on Tuesday agreed here with his French counterpart Manuel Valls on expanding cooperation in industry, energy and third party markets.

Li, who is on a four-day official visit to France, said China is willing to advance practical cooperation and cement mutual trust with France.

Li suggested that the two sides should deepen industrial cooperation in fields including aviation and space, high-speed railway, steel, nuclear, oil and hydro power while increasing added value and jointly exploring third-party markets.

The Chinese premier also noted China and France should step up their cooperation in such areas as agriculture, food, health, digital economy, ocean and polar region development as well as energy efficiency.

Meanwhile, Li called for more favorable conditions to facilitate trade and investment so as to push for a dynamic balance in bilateral trade. “China backs domestic enterprises to invest in France and welcomes French businesses to expand Chinese market with their leading technology.”

Li said the two countries should deepen financial cooperation to provide support for exploring third party markets and enhance exchanges and cooperation in supervising their banking sectors.

France is a core member of the European Union and a partner of special importance for China within the organization, Li noted. “A healthy growth of China-France ties will be exemplary for China-Europe relations.”

He urged France to continue to play an active role in this regard so as to inject new vigor into China-Europe relations.

For his part, Valls said the two countries enjoy fruitful practical cooperation and a broad prospect.

He expressed his hope that France and China could strengthen their economic dialogue and deepen their cooperation in traditional areas including nuclear energy, aviation and space, agriculture and food production while speeding up interaction in such new areas as trilateral cooperation and eco-city building.

Valls called for more two-way investment and exchanges in sectors of culture and tourism.

The French side, he said, appreciated China’s actions in tackling climate change and is grateful for its efforts in working with France to prepare for the 2015 Paris climate change conference.

Li, who arrived here from Belgium after meeting with Belgian leaders and attending the 17th China-EU leaders’ meeting, is now on an official visit to France.

During his stay, he will also pay a visit to the headquarters of the Organization of Economic Cooperation and Development. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson

Chinese cabinet posts guidelines on using big data to better serve, regulate market

Chinese cabinet posts guidelines on using big data to better serve, regulate market

 

BEIJING, July 1 (Greenpost) – Chinese cabinet, the State Council, released guidelines to strengthen services and supervision on market entities through big data, according to a circular on governmental portal www.gov.cn Wednesday.

Under the drive, the Chinese regulator aimed to improve governmental services and supervision efficiency, advance administrative rights reduction, and develop socialized credit information services.

China’s top securities regulator – China Securities Regulatory Commission (CSRC) – is required to support financial institutions including banks, securities firms, trusts management companies, finance leasing operators, guarantee firms, and insurers, industry associations and commercial chambers to use big data to serve enterprises.

CSRC is also required to guide credit information institutions to widen application of credit reporting in administration, public services, banking, securities and insurance sectors as well as optimizing fiscal, taxation, industrial and talents policies to expedite development of the big data industry.

Source Xinhua

Editor Xuefei Chen Axelsson

China ratifies int’l pact against tax avoidance

China ratifies int’l pact against tax avoidance

 

BEIJING, July 1 (Greenpost) — China’s top legislature has ratified an international convention combating tax avoidance.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters was submitted by the State Council, China’s cabinet, to a bimonthly meeting of the National People’s Congress Standing Committee for review. It was ratified before the meeting closed on Wednesday.

The pact will enable China to participate in global initiatives against tax avoidance and evasion by cooperating with other states in the assessment and collection of taxes.

Wang Jun, administrator of the State Administration of Taxation, signed the convention on behalf of the Chinese government in 2013 in Paris.

The State Council hopes the convention will help China meet its commitments to the international community as well as squeeze shelter for Chinese tax dodgers.

It will not be applied to Hong Kong and Macao for the time being, according to the agreement.

The convention was developed by the Organization for Economic Cooperation and Development and the Council of Europe in 1988 and updated in 2010, when it was opened to all countries.

Seventy had signed it as of March. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson

 

China’s top legislature ratifies BRICS bank agreement

 

China’s top legislature ratifies BRICS bank agreement

BEIJING, July 1 (Xinhua) — China’s top legislature ratified an agreement on the founding of BRICS New Development Bank (NDB), which will fund infrastructure projects in the bloc and other developing economies, on Wednesday.

The approval was given at the bimonthly-session of the National People’s Congress Standing Committee, which runs until July 1.

The agreement was signed by the bloc’s five members — Brazil, Russia, India, China and South Africa — on July 15 last year during the sixth BRICS summit.

It will enter into force only when all BRICS countries have submitted documents of acceptance, ratification or approval.

The Shanghai-based NDB will have initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion U.S. dollars will be equally shared among the founding members.

It will have a three-tier governance structure — a board of governors, a board of directors, a president and vice presidents.

As agreed by the five countries, the first chair of the board of governors will be nominated by Russia, the first chair of the board of directors by Brazil, and the first president by India.

They also agreed to set up a NDB African regional center in South Africa.

The board of governors is expected to hold the first meeting on July 7 in Russia to appoint members of the board of directors and the management led by the president, according to the Ministry of Finance.

Rules regarding procedures will be made and the bank’s five-year development strategy discussed at the meeting.

The inaugural management team will take their posts in Shanghai in middle July, according to the ministry.

The NDB is expected to launch late this year or early next year.

The bank’s establishment will be an important achievement for financial cooperation among BRICS members, said Finance Minister Lou Jiwei.

It will promote infrastructure construction and sustainable development of the emerging and developing economies, he said.

The bank also helps promote reform of global economic governance, he said.

Once the agreement is approve by the NPC Standing Committee, the Chinese government will provide 10 billion U.S. dollars on time as prescribed, Shi said while elaborating on the deal at the NPC Standing Committee session on June 24.

For the time being, the agreement will not apply to Hong Kong Special Administrative Region, according to the top legislature’s decision. Enditem

China Construction Bank opens 4 branches in Europe on Tuesday.

China Construction Bank opens 4 branches in Europe on Tuesday.

BEIJING, July 1 (Xinhua) — China Construction Bank (CCB) opened four branches in Europe on the day, bringing the total number of its European operating institutions to 10, Wang Hongzhang, chairman of CCB, announced on Tuesday local time in Paris.

The four branches are located in Paris, capital city of France, Amsterdam, capital city of the Netherlands, Barcelona in Spain and Milan in Italy respectively.

The four new branch banks will focus on corporate business at first, catering to large and medium-sized Chinese companies which seek to expand presence in Europe and large local firms, according to Wang.

Statistics from the CCB show that the bank’s market value stood at 207.9 bln US dollars by the end of 2014, ranking the fourth in listed banks in the world. enditem

Here are some of the most important milestones in Volvo Cars’ child safety history

Here are some of the most important milestones in Volvo Cars’ child safety history

Stockholm, July 1 (Greenpost)–Volvo Cars is the inventer of seat belt in cars which is a tool that saved millions of lives around the world. The following are some more important milestones in Volvo Cars’ child safety history.

1964 First child seat prototype

Inspired by how astronauts travel rearwards, Bertil Aldman, medical doctor and subsequently Professor in Traffic Safety at Chalmers University of Technology, developed the very first child seat prototype. Volvo was closely involved in the development and testing was carried out in a PV544.

 

1967 Reversible front passenger seat with special child backrest

The first child seat to be sold to customers was created by turning the front passenger seat around. Adding a padded backrest with straps made sure that the rearward-facing child was kept in place. The solution was sold as an accessory for the recently introduced Volvo Amazon.

 

 

1972 Volvo’s first rearward-facing child seat

Rearward-facing child seats are designed to support the neck and help spread the force of a frontal impact over a larger area. Frontal impacts are the most frequent and usually the most severe impact situation.

 

1976 The booster cushion – a world first from Volvo

Children from three to four years and up travel facing forwards using the standard safety belt with a beltpositioning booster cushion. Volvo Cars’ policy is that children should use a booster cushion until they are 140 centimetres tall and ten years old. When using a booster cushion, the child runs an approximately 75 per cent lower risk of being injured compared to being unrestrained.

 

1990 World’s first integrated booster cushion

The first integrated booster cushion was an ingenious fold down and out version in the rear centre position in the Volvo 960. Double integrated pop-up booster cushions in the outer rear seats were introduced in the Volvo S40 in 1995.

 

1999 World’s first rearward-facing seat for ISOFIX

The world-first solution for the standardised, car-integrated ISOFIX fittings was actually two rearward-facing seats in one. Both seats – one for infants and one for toddlers up to four years of age – could be fitted in the same ISOFIX frame.

 

2007 World’s first two-stage integrated booster cushion

Two-stage integrated booster cushions were introduced in the Volvo V70 estate. The two-stage version, with two sitting heights, enables a better belt fit regardless of the child’s size. Child adapted safety belt load limiters were also fitted.

 

2014 Inflatable Child Seat Concept

The innovation, which is still in the development stage, is easy to install and can be tucked away in a small bag when not in use. This means that the child seat can be easily transferred between cars and the bag even fits in carry-on luggage when flying or travelling.

For the 2014 financial year, Volvo Car Group recorded an operating profit of 2,252 MSEK (1,919 MSEK in 2013). Revenue over the period amounted to 129,959 MSEK (122,245 MSEK). For the full year 2014, global sales reached a record 465,866 cars, an increase of 8.9 per cent versus 2013. The record sales and operating profit cleared the way for Volvo Car Group to continue investing in its global transformation plan.

Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 465,866 in 2014 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.

 

As of December 2014, Volvo Cars had over 26,000 employees worldwide. Volvo Cars’ head office, product development, marketing, and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars’ head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), and Chengdu (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

 

 

 

Volvo XC90 Excellence offers customers distinct experience

Volvo XC90 Excellence offers customers distinct experience

Stockholm, July 1, (Greenpost)–Volvo Cars has unveiled the most luxurious vehicle at the Shanghai International Automobile Show – an elegant and refined four-seat version of its recently launched XC90.

The XC90 Excellence has been crafted by Volvo’s designers and engineers to offer customers a distinct and individual automotive experience that incorporates the latest Scandinavian innovations in design, refinement, comfort and style.

The XC90 Excellence is based on Volvo’s all new XC90 sports utility vehicle, but the similarity ends there. The XC90 Excellence has just four seats compared to the original’s seven, creating an enormous amount of additional space for rear seat passengers that helps to deliver an exceptional customer experience.

This space is utilised to offer a First Class automotive experience that begins with broad, spacious individual reclining rear seats complete with massage, ventilation and increased leg room, as well as a retractable control touchscreen, folding tables, a refrigerator with bottle and glass holders, a heating/cooling cup holder and handmade crystal glasses from leading Swedish glass design company, Orrefors.

“This is our new flagship car,” said Thomas Ingenlath, Senior Vice President, Design. “We have created the ultimate luxury experience of Scandinavian design. Volvo has never launched a car like this before. This is the car that demonstrates what the name Volvo now means.”

The XC90 Excellence offers its passengers footrests, ambient lighting, illuminated storage and unique leather detailing in blond or charcoal, a luggage compartment dividing screen, additional sound insulation in the cabin and Pirelli Noise Cancelling System tyres (PNCS).

XC90 Excellence passengers will also enjoy a specially-augmented Bowers & Wilkins audio system that adds an extra speaker to its 19 speaker system, resulting in unrivalled high fidelity sound reproduction and surround effect in the rear seats.

“What we have designed is amongst the best rear seat experiences available in a luxury car,” said Mr Ingenlath. “The result is a superlative environment for relaxed comfort or doing business.”

Reinforcing the Swedish love of fresh air, the XC90 Excellence also comes with an integrated ionic air cleaner in the CleanZone climate system. The ionic air cleaner works by positively charging electrons in airborne particles (dust or smoke for example) so they are removed from suspension in the cabin environment.

The XC90 Excellence also offers a leather instrument panel with contrasting thread, while the headliner of the cabin is colour coordinated pure Nubuck textile. Exterior styling differentiators including an Excellence rank mark, chrome B- and C-pillar cappings and lower door mouldings.

Volvo’s all new XC90, launched in August 2014, is proving to be extremely popular with customers seeking a luxury SUV. Over 24,000 have been ordered before it has even reached Volvo showrooms. This accounts for approximately half of Volvo’s expected volume for the car in 2015.

The XC90 Excellence incorporates all the features that underpin the XC90’s ongoing success, such as world leading safety features, new powertrain technologies and an unrivalled combination of power and fuel efficiency.

The XC90 Excellence will be available globally later this year and via digital commerce in selected markets.

For the 2014 financial year, Volvo Car Group recorded an operating profit of 2,252 MSEK (1,919 MSEK in 2013). Revenue over the period amounted to 129,959 MSEK (122,245 MSEK). For the full year 2014, global sales reached a record 465,866 cars, an increase of 8.9 per cent versus 2013. The record sales and operating profit cleared the way for Volvo Car Group to continue investing in its global transformation plan.

Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 465,866 in 2014 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.

As of December 2014, Volvo Cars had over 26,000 employees worldwide. Volvo Cars’ head office, product development, marketing, and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars’ head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), and Chengdu (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

 

 

Volvo Cars: children are not small versions of adults

Children are not small versions of adults and need special restraints

Gothenburg, June 30(Greenpost)– Lotta Jacobsson, child  safety specialist in Volvo Cars stressed that children are not small version of adults and needs special restraints.

“The differences in anatomy between children and adults are considered in Volvo Cars’ child safety development – of inbuilt features as well as accessories. Children are not small versions of adults, which is why children need special restraints when travelling in cars,” said Jacobsson in a presentation in Gothenburg’s Volvo Design center.

She said a child’s neck is under development and not as strong as an adult’s neck. Also the head is proportionally bigger than that of an adult. Children therefore need special restraints, facing the rear for as long as possible until at least three-four years of age. When travelling facing the rear the crash forces are spread over the back and head, which reduces the load on the neck in frontal impacts.

” A child’s head weighs a lot more in proportion to the body, and the neck is weak. That is why we strongly believe that children should travel in rearward facing child restraints until they are three-four years old”, says Lotta Jakobsson, Child Safety Specialist at Volvo Cars.

 Rearward facing child restraints are designed to support the neck and help spread the forces over a larger area in frontal impacts. Frontal impacts are the most frequent and usually the most severe impact situation.
– In a frontal impact a rearward facing child’s whole body is supported, which minimises relative movements between the head and torso, says Lotta Jakobsson.

Since more than 35 years, Volvo Cars is doing extensive research based on real life accidents. These studies show beyond doubt that the safest way for small children to travel in cars is facing the rear.

 Physical evidence why children should travel facing the rear

The head of a newborn baby makes up half the total body weight, where an adult’s head weighs only about six percent of the total. This oversized head – in combination with not fully developed neck vertebrae, muscles and ligaments – makes the baby’s neck a weak point.

Forward facing in a frontal impact, the body is restrained by the safety belt while the head moves forward and puts load on the neck. Depending on crash severity and size of the child, this load can be injurious.

– In one severe frontal impact in central Europe two girls were sitting forward facing in the rear seat. The five-year-old sustained a broken leg and spent two weeks in hospital. Her little sister, just ten months old, died from neck injuries. This is a clear example that it is much too early for a ten month old child to travel forward facing, says Lotta Jakobsson.

When the child has outgrown its rearward facing seat

Rearward facing is the safest way for children to travel in cars until they have outgrown the seat and have reached an age of three-four years. Then the neck has become stronger and the child can be turned to face forward, using the standard safety belt in combination with a belt-positioning booster cushion. The booster cushion guides the lap belt across the pelvis, as low as possible towards the thighs and not over the soft belly. The torso belt runs diagonally across the chest. Pull the safety belt tight, as close to the body as possible. It does not affect the safety if the torso belt rests on the child’s neck, but if the safety belt is tucked under the arm or behind the back, the child is not as protected in an accident.

 Volvo Cars’ policy is that children should use a booster cushion until they are 140 centimetres tall and ten years old. Booster cushions come in different models and sizes, with or without a backrest. Some cars can be equipped with an integrated booster cushion.

– An integrated booster cushion is always available and can not be accidentally left behind, says Lotta Jakobsson. It makes it easier to position the safety belt correctly and blends in with the car interior, which can make older children more interested in using a booster. It is important to fit the child restraint according to the manufacturer’s instructions. Most importantly, children must never be placed in the passenger seat if the airbag is active.

 Myths and truths about travelling facing the rear

There are a number of myths that can stop parents from choosing the safer rearward facing child restraint for their children. Lotta Jakobsson at Volvo Cars Safety Centre responds to a few of them:

 Myth: Children do not want to travel rearwards.

Truth: Small children are usually as happy facing any direction in the car.

Advice: If the child restraint is fitted in the back seat, place a mirror so that the child can see you. This will help the child feel safe and you can check on it easily with a glance in the interior mirror.

 Myth: The child restraint will not fit.

Truth: All child restraints are not suitable for all cars.

Advice: Read up on child restraints to see which one would meet your needs. Also get a staff member to teach you how to fit it properly before purchase.

 Myth: There are no rearward facing child restraints available.

Truth: It can still be difficult to find rearward facing child restraints on some markets. In the Nordic countries they are readily available, and more countries join in the recommendation that small children should travel facing the rear.

Advice: Check with your national road safety organisation. They should be able to give you further information or refer you to someone who can.

How children of different ages should travel in cars

 A newborn baby should use an infant seat. Do not let it sit upright for too long, take frequent breaks and pick up the baby for a while or let it rest lying flat while the car is parked.

 An infant or toddler should be fastened in a rearward facing infant seat or a larger rearward facing child restraint until the child has outgrown the larger seat and is three-four years old. The neck is weak and needs all the support it can get in the event of an accident. It does not matter if the child has to bend its legs or touches the back rest with its feet. Take breaks often to let the child stretch and play.

 An older child who has outgrown the rearward facing seat but is shorter than 140 centimetres and has not reached the age of ten, should use a booster cushion. The booster gives the child an increased height and directs the safety belt over the stronger parts of the body during a crash. The lap belt should be placed tightly across the pelvis, as low as possible towards the thighs and not over the soft tissue of the abdomen. The torso belt should run across the chest and also be pulled tight. It does not matter if the belt touches the neck. Never place the torso belt under the arm or behind the back.

Do’s & Don’ts for children in cars – six simple rules that can save lives

Do

  • Always make sure the child is properly restrained – during short trips as well.
  • Choose a child restraint that is suitable for your child and car model.
  • Remove bulky clothes so that the safety belt is tight and the child does not get too hot.

Don’t

  • Never drive with an unrestrained child in the car.
  • Never place a child in the passenger seat with the airbag active.
  • Never fasten a child shorter than 140 centimetres with just the standard safety belt. It must be used in combination with a booster cushion and only by children who have outgrown their child seats.

Children in car crashes

– A heavy head and weak neck structure make small children extremely vulnerable in frontal impacts when facing forward.

– Head, abdomen, extremities, chest and spine injuries are the most common to children.

– Prevention is better than treatment. Use a child restraint that is recommended for your child’s age and use it properly.

– A rearward facing child seat provides firm support behind the child’s head and back.

– Older children should use a booster cushion to allow proper positioning of the safety belt.

Important

  • Never fit a child restraint in the passenger seat with an active airbag.
  • Remove bulky clothes so that the safety belt can be pulled tight as close to the body as possible.
  • Remove or unzip warm clothing if necessary to prevent overheating and subsequent dehydration.

China Focus: Factory slowdown shows signs of stabilizing

China Focus: Factory slowdown shows signs of stabilizing

    BEIJING, June 23 (Xinhua) — China’s factories did better last month, a preliminary HSBC survey showed on Tuesday, though overall manufacturing activity still contracted slightly.

The HSBC flash manufacturing purchasing managers’ index (PMI) recovered to 49.6 in June from May’s final reading of 49.2, beating market forecast of 49.4.

The figure is a notch below the 50 point level that separates growth in activity from contraction indicating that manufacturers remain pessimistic, but those hoping for signs of stabilization in China’s flagging economy may find some relief in Tuesday’s report.

A breakdown of the survey results showed the sub-indices of output, new orders and quantity of purchases all improved in June. The index of new orders rose above the 50-point mark for the first time in four months.

The sub-index of employment, however, showed manufacturers continuing to cut their staff, with the latest reduction the sharpest in over six years, indicating relatively muted growth expectations as demand both at home and abroad remains subdued, Markit economist Annabel Fiddes said.

“The data adds to evidence that the sector has lost growth momentum in the second quarter as a whole, and suggests that the authorities may step up their efforts to stimulate growth and job creation in the second half of the year,” Fiddes said.

Tuesday’s reading is not the only one to suggest that authorities may open their tool box again; much recent data has missed market expectations.

Weighed by unsteady global demand, stuttering domestic investment and a weak property sector, China’s economic growth fell in the first quarter to 7 percent, its lowest level in six years.

The central bank has cut benchmark interest rates three times since November and lowered banks’ reserve requirement ratio (RRR) twice since February.

“Interest rate and RRR cuts to date could lift real fixed asset investment by around 2.4 percentage points, but this is not enough to stabilize growth at around 7 percent,” Qu Hongbin, chief China economist at HSBC said in a Tuesday report.

Qu expects a 50 basis point interest rate cut and a 250 basis point cut in the RRR in the rest of the year, with intensified fiscal support, more municipal bond issues and mobilization of fiscal funds. As the effects of these easing policy filter through, growth could pick up in coming months, he said.

China’s central bank economists are cautiously optimistic, expecting a modest recovery in sequential growth in the second half of the year. The economists lowered their growth forecast to 7 percent for 2015, from previous 7.1 percent, reflecting the headwinds faced by the economy. Endite

China Focus: New consumption mode, new growth engine

China Focus: New consumption mode, new growth engine

BEIJING, June 23 (Xinhua) — Against the headwinds towards China’s economy, new ways of consumption empowered by development of Internet Plus is likely to become the country’s new growth engine.

China’s economic growth slowed to a six-year low at 7 percent in the first quarter of 2015 while it has been seeking ways to shift its growth away from a dependence on investment and export to domestic consumption.

The latest data showed that China’s retail sales growth accelerated in May, indicating that its pro-consumption policies launched recently have begun to take effect.

The National Bureau of Statistics reported that retail sales in May grew 10.1 percent year on year to 2.42 trillion yuan, a tad up from the 10 percent growth recorded in April.

More importantly, online shopping took a larger share in total consumption. In the first five months, online sales rose 39.3 percent year on year to reach 1.34 trillion yuan.

Internet Plus is an idea that combines mobile Internet, cloud computing, big data, Internet of Things, modern manufacturing industries, e-commerce, industrial Internet and Internet finance.

Besides buying consumer goods and ordering food, Internet Plus has also penetrated in all aspects of life, such as transportation, traveling, medical care, entertainment and education, and the new consuming experience has stimulated the potential of consumer spending.

In a bid to further spur demand from middle and low-income earners, the State Council, China’s cabinet, said on June 10 that private capital, foreign and domestic banks and Internet companies will be allowed to set up “consumer credit” firms, which can offer small loans to the public.

Compared to traditional loans offered by banks, loans designed specifically to fund retail purchases are generally small and without the need of guarantees. Such loans are especially handy for people who are either denied of credit cards by banks or whose cards have low credit lines

The move is widely expected to effectively expand domestic consumption and help China’s economy shift to a consumption-driven economy as “borrow to consume” are now more acceptable to Chinese consumers and China’s credit information system is further completed.

China’s e-commerce giants such as Alibaba, JD.com and Suning have already launched similar services, which give consumers access to loans to buy goods on their online shopping sites and the money could be repaid in installments.

Moreover, China has slashed import duties on consumer goods by an average of 50 percent, starting from June 1, which is another move to encourage domestic spending. The duty on cosmetics was reduced to 2 percent from 5 percent.

China’s State Council has also released a guideline on June 20 saying the customs administrator will streamline customs procedures for e-commerce exports and imports to make the processes simpler and quicker, while the quality supervision authorities will allow collective declaration, examination and release of goods.

The government will keep export taxes low while formulating import tax policies. It will also encourage domestic banks and institutions to launch cross-border electronic payment businesses and advance pilot overseas payments in foreign currencies.

However, experts note that some of the policies and regulations in China have fallen behind the development of the new consumption mode and they suggest the government should continue to improve consuming environment, upgrade consuming infrastructure, strengthen regulation and further open domestic market. Enditem

 

 

China Southern Airlines launches Guangzhou-Paris-Vienna cargo route

China Southern Airlines launches Guangzhou-Paris-Vienna cargo route

PARIS, June 23 (Xinhua) — China Southern Airlines Co., Ltd., one of China’s leading airlines based in south China city of Guangzhou, has launched Guangzhou-Paris-Vienna cargo route in a bid to further expand its cargo transport network in Asia-Europe region.

At present, two flights are arranged for the new route each week and the number of the flights will be raised to three each week starting from July 1, said Zhu Jinliang, general manager of the Pairs office of China Southern Airlines. Enditem

 

Alibaba to sell U.S.-based 11 Main for 37.6 pct stake in OpenSky: report

Alibaba to sell U.S.-based 11 Main for 37.6 pct stake in OpenSky: report

BEIJING, June 23 (Xinhua) — Alibaba Group Holding Ltd. (BABA.NYSE) planned to sell its US-based E-commerce business unit – 11 Main to exchange for a 37.6 percent stake in online marketplace – OpenSky, reported Xinhua-run cnstock.com Tuesday.

According to the Chinese E-commerce giant, 11 Main’s management staff will join OpenSky but the former will still keep its own website after the deal, whose financial terms are not disclosed yet.

Alibaba launched 11 Main in June 2014. However, the website failed to attract wide attention and attain sufficient support from Alibaba Group, said the report citing a source saying 11 Main might only be Alibaba’s one attempt to test the US market.

Alibaba finished its initial public offering (IPO) in the US in 2014. Currently, most of its revenue comes from domestic B2C E-commerce platforms – Taobao.com and Tmall.com.

Previously, an executive of Alibaba said the company’s overseas strategies would focus on helping foreign merchants and brand operators to sell their goods to Chinese consumers.

Apart from 11 Main, Alibaba invested a lot in the United States. In March, it invested 200 million US dollars in US photo messaging application – Snapchat. Enditem