Legal & Regulatory

China Tax Bureau Clamping Down On Use of Fake Receipts

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Aug. 19 – China’s State Administration of Tax appears to be concentrating efforts on curbing a rise in the use of faked receipts for businesses filing their monthly business taxes and reports to the local tax bureau. The use of false receipts, or fapiaos, to justify expenditure (and thus reduce income tax liability) has been […]

Pudong Issues Rules on Foreign Invested Equity Investment Enterprises

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SHANGHAI, Aug. 14 – Pudong New Area authorities have just issued guidelines for foreign private equity companies opening in the area. According to the circular, foreign-invested equity investment management enterprises (FIEIMEs) can establish offices in the following forms: contractual joint venture; equity joint venture; or wholly foreign-owned enterprise. Registered capital for is pegged at a […]

Visas May be Difficult to Obtain After September 15

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SHANGHAI, Aug. 14 – Businessmen planning to visit China in the early–mid autumn period are advised that visas may be difficult to obtain for dates after September 15 due to the government’s 60th founding anniversary on October 1. The restrictions are likely to be in force for about four to six weeks. Foreigners residing in […]

HSBC Set to List in Shanghai

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By Chris Devonshire-Ellis Aug. 12 – HSBC is set to list their operations on the Shanghai stock market in a move that would see them return to their roots. The bank was founded by Thomas Sutherland in 1865 in Hong Kong and Shanghai and was called the Hongkong and Shanghai Banking Company Limited. It financed […]

Training Costs May Be Paid by Employees

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Aug. 10 – China’s Legislative Affairs Office of the State Council has released a draft regulation for public comment regarding training fees that may need to be paid for by employees. According to the China Daily, around 1.5 to 2.5 percent of employees’ salary will be set aside for the training fees. Salary cuts are […]

CBRC to Restrict Chinese Interbank Bond Holdings

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Aug. 4 – The China Banking Regulatory Commission is set to tighten banks capital rules by excluding subordinated bonds sold to other banks from their capital base. The regulator has sounded out banks concerning the plan, according to the South China Morning Post, who quoted a spokesman as saying “the CBRC wants to restrict bank’s […]

China Industry: Jul. 29

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Jul. 29 – This is a regular series of relevant industry news from around China. Solar power Canadian Solar said it had received ISO/IEC17025 accreditation for its photovoltaic (PV) reliability testing center in Changshu, China. The center gained the accreditation from China National Accreditation Service for Conformity Assessment, which is solely responsible for the accreditation […]

Shenzhen Government Lowers Average Salary Benchmark

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SHENZHEN, Jul. 23 – The Labor and Social Security Bureau has lowered the average pay scale in the city for the first time since 1999 in a salary reference document for employers released last Monday. According to Shenzhen Daily, the average salary in the city decreased by 3.8 percent to RMB2,750 per month compared to […]

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