Shipping backlogs at Yantian Port in Shenzhen, South China’s Guangdong Province have forced many carriers to divert vessels to other ports in southern China, leading to greater uncertainties in the shipping industry ahead of its coming peak season as the global economic recovery accelerates. COVID-19 cases among dockworkers at Yantian port have caused serious disruptions...
China is releasing national reserves of copper, aluminum and zinc to stabilize the volatile bulk commodity market, according to a statement from the State Council, China’s cabinet, on Wednesday. The statement said that the reserves will be open to public bidding from the non-ferrous metals processing industry, with details to be disclosed later on. The...
In March 2021, the Ministry of Industry and Information Technology published that China has maintained its position as the world’s largest manufacturing center for 11 consecutive years, covering almost 30% of the global manufacturing output. Proof of this is the fact that many of the products we purchase bear the legend “Made in China”. According...
Chinese travelers made more than 89 million trips during the three-day Dragon Boat Festival holidays, celebrated from Saturday to Monday, an increase of 94.1 percent year-on-year with a recovery of about 98.7 percent of pre-pandemic levels, according to data released by the Ministry of Culture and Tourism (MCT) on Monday. Data on the performance of...
Traders and logistics firms are coping with longer waiting times and greater challenges to ship goods after some ports in South China’s Guangdong Province, the top trading and manufacturing region for the country, encounter backlogs ahead of a busy Christmas export season due to tighter epidemic prevention measures amid new COVID-19 cases. At Yantian Port,...
China’s Hainan free trade port (FTP) is going to implement a different tax policy, including simplifying and combining different taxes and tax refunding for goods from Chinese mainland, according to a draft of Hainan Free Trade Port Law which is scheduled to be reviewed for the third time next week. Simplifying the tax system is...
COVID-19 flare-ups at Yantian Port area in Shenzhen, South China’s Guangdong Province have pushed the major port to slow its operations by suspending the acceptance of heavy export containers for several days. As of press time, 13 asymptomatic carriers were found in Shenzhen. According to a local official statement issued on Friday, the Yantian district in...
Chinese companies that manufacture components and mechanical goods are bearing the brunt of high bulk commodity prices, which are being pushed up by market speculation and US’ extremely loose monetary policy. But experts said that a stronger yuan and a rebound in domestic demand will offset some of the pressure by boosting imports and purchasing...
China will crack down on monopolistic practices, the dissemination of fake news and price gouging as part of efforts to ensure supply of major commodities and curb unreasonable price hikes, according to a State Council executive meeting on Wednesday. Prices of certain major commodities have continued an uptrend since this year, primarily as international price...
Since a devastating epidemic of African Swine Fever in its pork industry two years ago, China – the world’s largest consumer and producer of pork – has been seeking international partners to make up for the deficit. The extermination of more than 100 million pigs reduced China’s total herd by more than a quarter (and global...