介绍:
China's Aug. industrial profits decline faster
Chinese industrial firms' profits further declined in August, indicating increased downward pressure on the economy.
The latest figure from China's National Bureau of Statistics show profits of major industrial firms fell 8.8 percent year on year in August, down sharply from a 2.9-percent decline posted in July.
The poor performance was mainly caused by a drop in the prices of industrial goods due to weak domestic demand, a rise in unit costs, the stock market rout, and volatility in the yuan exchange rate.
Facing lingering downward risks, Chinese authorities have ramped up efforts to prop up the economy.
The central bank has cut the reserve requirement ratio of banks four times in nearly seven months and cut interest rates five times in nearly nine months.
Despite overall weakness, the manufactured goods inventory in August has been rising much more slowly than the previous month, which helped enterprises release inventory pressure and operation difficulties.
Tianjin warehouse owner to compensate for losses caused by blasts 3'19
Anchor:
Authorities in north China's port city of Tianjin say steps are being taken to secure compensation from the owner of a warehouse for those affected by two fatal blasts at the site on Aug. 12.
165 people died in the explosions, while another eight have never been found.
The blasts damaged 11,000 houses and affected over 400 companies.
The compensation process for the affected residents has begun.
The warehouse is owned by Rui Hai Logistics, which was founded in 2011.
Several company executives and local officials have been arrested
For more on the compensation issue, CRI's Victor Ning spoke with Ling Bing, Professor of Chinese Law at the University of Sydney.
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Back anchor:
That was Ling Bing, Professor of Chinese Law at the University of Sydney, speaking with CRI's Victor Ning.
Guideline on regional cooperation and growth in Bohai Rim
China's State Council published a guideline pertaining to the cooperation and development of areas around the Bohai Rim.
This is a major step forward in its national-development strategy.
The guideline calls for major infrastructure to be built to establish inter-regional transportation, energy, water resources and information networks.
Bohai Rim connects China's northern, northeastern and northwestern regions, including Beijing, Tianjin Municipality - Hebei, Liaoning, Shandong, and Shanxi provinces - and Inner Mongolia.
The Rim links sea and continent, and features rich natural resources and a solid industrial foundation.
Industrial cooperation was also highlighted, as it would relieve Beijing of its non-essential functions.
The guideline also relates to the "Belt and Road" initiative, as a trade and infrastructure network.
The initiative will connect Asia to Europe and Africa, promoting economic prosperity and regional economic cooperation, and enhance exchanges.
LeTV becomes major investor in charging station producer
Internet entertainment giant LeTV has become a major investor in the maker of a new-energy vehicle-charging station.
As part of its green auto campaign, LeTV invested in the largest electric-car charging station in Beijing, located near the capital's South Railway Station.
Beijing Dianzhuang Technology, which is building the charging station, says it has received "tens of millions of yuan" from LeTV.
When complete, the station will be able to charge 100 electric vehicles at a time.
Earlier this year, LeTV released its electric auto plan that included the establishment of a research and development team of about 260 engineers in California's Silicon Valley.
The investment comes after the State Council set policies last week to accelerate the construction of charging facilities for electric vehicles.
According to the new policies, charging posts will be standardized and newly built housing, office buildings, shopping malls, hospitals and hotels are requested to include charging posts in their parking areas.
The plan is expected to be issued by the end of the year.
High-speed rail maker CRRC officially established
The establishment of Chinese high-speed rail maker CRRC Corporation was officially announced on Monday.
Approved by the State Council, two former HSR giants, China North Railway and China South Railway, merged to become CRRC.
The merger was first announced on Oct. 30 last year.
The new conglomerate debuted on the Shanghai Stock Exchange and Hong Kong Stock Exchange on June 8.
Cui Dianguo, CRRC's chairman, says the corporation will help accelerate high-end equipment manufacturing in China, as well as the reform of state-owned enterprises.
CRRC aims to become the world's leading investment group with high-end manufacturing and diversified capital operations.
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