Tag: Beijing

Chinese Cities Rise in ECA Cost of Living Report

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By Sofia Liska

Jun. 28 – This year, Asian cities are once again moving up the ranks of global metropolises in terms of cost of living standards. According to a recent report published by ECA International, Beijing is now the 20th most expensive city in the world for international assignees (up from 48th in 2011) while Shanghai ranks 26th (up from 49th), Singapore ranks 32nd (up from 38th), and Hong Kong ranks 36th (up from 47th). Continue reading…

Ten Cities and Provinces Apply to Participate in VAT Reform Pilot Scheme

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By Xiaolei Gu

May 25 – At a conference with the China Certified Tax Agents Association, Deputy Director of the Department of Goods and Services Tax under the State Administration of Taxation, Long Yuehui, revealed that 10 cities and provinces have officially applied to participate in the value-added tax (VAT) reform pilot scheme so far, including Beijing, Chongqing, Shenzhen, Tianjin, Xiamen, Anhui Province, Fujian Province, Hainan Province, Hunan Province and Jiangsu Province. Continue reading…

Key Points from the 4th U.S.-China Strategic and Economic Dialogue

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By Xiaolei Gu

May 8 – The Fourth Round of the U.S.-China Strategic and Economic Dialogue (hereinafter referred as “Dialogue”) was held in Beijing on May 3-4, during which the two sides exchanged views on bilateral, regional, and global issues.

Below is a brief summary of the key points to come out of the fourth round of the Dialogue, according to a news release posted on the Chinese government’s official web site. Continue reading…

Beijing Releases 2011 Average Income and 2012 Social Insurance Wage Base

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Apr. 13 – The Beijing Social Security Fund Management Center released the “Notice from Beijing Human Resources and Social Security Bureau and the Beijing Statistics Bureau on the 2011 Beijing Average Income” on April 11, specifying the new wage base for calculating social security contributions for the year 2012. Continue reading…

Following Shanghai, Beijing to Roll out VAT Reform in July

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Also includes special heads-up for taxpayers in non-pilot areas

Feb. 29 – Following the experiment in Shanghai, the Chinese government has approved Beijing to become the second city that implements a value-added tax (VAT) reform pilot scheme, according to the state-run China National Radio.

Beijing’s tax authorities are in consultation with the city’s 54,000 business tax (BT) payers in order to get prepared for the pilot program set to commence on July 1, 2012. However, it remains unclear how many service sectors will finally be involved in the scheme. In Shanghai – the city that set the first example for such a program – BT impositions are substituted with VAT impositions in six modern service sectors as well as the transportation sector. Continue reading…

Top 50 Chinese Cities by Investment Potential

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By Julia Gu

Feb. 3 – At the eighth annual World Famous Brands Assembly (WFBA) recently held in Jakarta, Indonesia, the U.S.-China Economic Trade and Investment General Chamber of Commerce, the Europe-America-Asia Cooperation Union for Investment in Industry and Commerce, and the World Cities and World Business Research Association jointly released a list of the “2011 Top 50 Chinese Cities with Strongest Investment Potential.” Continue reading…

Beijing Details Foreigners’ Mandatory Social Insurance Participation

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Jan. 11 – Following the promulgation of a national decree ordering foreign employees’ mandatory participation in China’s social insurance system, Beijing recently issued its own implementation details in a bid to strengthen the enforcement of the new policy.

On December 20, 2011, the Beijing Social Insurance Fund Management Center (BSIFMC) released the “Circular on Issues Concerning the Improvement of Participation in Social Insurance by Foreigners Employed in Beijing (the new Circular).” The document details issues related to foreigners’ social insurance registration, backdated premium payments, charges of late fees, and the participation of foreigners from those countries that have signed a bilateral or multilateral agreement on social insurance with China. Continue reading…

Has China’s Demographic Dividend Payout Ended?

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Op-Ed Commentary: Chris Devonshire-Ellis

Nov. 23 – This is Part II of my essay concerning the discussions and findings of the annual Economist China Summit which took place in Beijing last week, bringing together the cream of China-based businessmen, academics and analysts. Part I may be viewed here and Part III here.

In this discussion, dealing with China’s population and labor demographics, the panel consisted of KK Fung, managing director of Jones Lang LaSalle; Cai Fang, director of the Institute of Population at the Chinese Academy of Social Sciences; and Gordon Orr, chairman of McKinsey Asia. Continue reading…