Legal & Regulatory

China’s Legal Business Framework

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BEIJING, Jun. 29 – Richard Hoffmann, the senior legal associate for Dezan Shira & Associates in Beijing, appeared yesterday as a guest speaker at a “Doing Business in China” seminar held by the Austrian embassy at the Kempinski Hotel Beijing. The seminar was an excellent opportunity for potential investors to learn about a broad spectrum […]

China Expands Pilot Areas for RMB Settlement of Cross-Border Trade Transactions

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Jun. 29 – China has expanded the pilot areas of RMB settlements for cross-border trade transactions to 21 cities and provinces, and will also expand the pilot business scope. A circular jointly issued by the People’s Bank of China, the Ministries of Finance and Commerce, the General Administration of Customs, the State Administration of Taxation […]

U.S. FCPA to Target Corruption at China Subsidiaries

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Jun. 28 – The Foreign Corrupt Practices Act unit of the U.S. Securities and Exchange Commission in San Francisco has stated that it will target Silicon Valley-based companies with operations in China in a bid to prompt multinational companies to stay in line with anti-corruption laws. The FCPA was enacted in 1977 to criminalize the […]

Legal Operating Structures in China Changing with Country’s Economic Development

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By Alberto Vettoretti Jun. 24 – These days there is virtually no wholesaler, retailer or original equipment manufacturer in the industrialized world that is not sourcing some, and in most cases all, of its products from Asia and China in particular. The advantages of a low-cost production site for export, a competitive cluster of second […]

Beijing Raises Minimum Wage

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BEIJING, Jun. 22 – The Beijing municipal government has raised the monthly minimum wage in the city to RMB960, effective from July 1. The notice, issued June 4, raises the monthly minimum wage to RMB960, up from RMB800, and the hourly minimum wage to RMB5.5, up from RMB4.6. Furthermore, the notice stipulates that social security […]

Notice on Importing Automotive Vehicles by Permanent Institutions

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Jun. 21 – The General Administration of Customs recently issued a notice regarding automotive vehicle imports made by permanent institutions and permanent personnel, with the aim to safeguard the local automobile market. Customs Collection [2010] No. 32, issued May 25, stipulates that from Jul. 1, 2010 onwards, Customs will not process applications for importing used […]

China to Extend Auto Replacement Subsidy

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Jun. 18 – China will extend auto replacement subsidies from May 31 to Dec. 31, the Ministry of Commerce has announced. The implementation of the auto replacement policy aims to encourage  the elimination of high-emissions and polluting vehicles, and to stimulate automobile consumption, according to the MOC.

SAT Issues New Notice Regarding the Interest Income of Overseas Financial Branches

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Jun. 17 – The State Administration of Taxation recently issued a notice regarding the tax collection of the outside financial branches obtaining interest income from mainland China. Guoshuihan [2010] No. 266, issued on June 2nd, stipulates that according to the tax treaties, tax-free foreign financial institutions that have set up unincorporated branches in third countries, […]

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