Legal & Regulatory

Hong Kong Issuance of China Visas Easing


HONG KONG, Nov. 7 – The issuance of tourist (but not business) visas to mainland China is slowly relaxing following the clampdown imposed just before the Olympics. Currently CITS will issue a maximum of a double-entry visa, priced at just over US$300, valid for six months. The procedure takes a minimum of 48 hours. It […]

China to Cap Public Sector Spending for 2009


Nov. 7 – China’s budget for government agency spending will be capped at the same levels in 2009, reports the Ministry of Finance on its website. In the past five years, agency budgets increased by average of 5 percent annually. China’s central government is now working towards cultivating a thrift society. “The budgets for next […]

Chinese Official Says Radical Stimulus Package Needed


Nov. 6 – A senior State official told China Daily that the country will need to implement comprehensive and radical measures to stimulate the economy amid the global credit crisis. Speaking on the condition of anonymity, the official, who claims to be close to China’s decision-makers, said that only a radical stimulus package can save […]

China May Revise VAT System in 2009


Nov. 5 – A senior government official says China may revise its value-added tax (VAT) system in 2009 to help lower business costs and help firms cope with the global downturn. According to China Daily, the government could allow companies to deduct the tax incurred when buying machinery and other capital assets from their VAT […]

China Issues Legislation for Internal Control Framework


Nov. 4 – China has issued legislation detailing the comprehensive requirements needed for a company’s internal control framework called the Basic Standard for Enterprise Internal Control. The legislation was launched by the Chinese Ministry of Finance, the National Audit Office, and all three major industry regulators: the China Securities Regulatory Commission, the China Banking Regulatory […]

Hong Kong Launches Measure to Support SMEs


Nov. 4 – The government of Hong Kong Special Administrative Region is set to implement the Loan Guarantee Scheme starting November 6 to help small and medium enterprises (SMEs) cope with the global credit crisis. Currently, ten participating lending institutions (PLI) are qualified to accept applications for the enhancement measures. The sub-ceilings for the Business […]

China to Add New Laws to its Civil Code


Oct. 30 – According to a senior government official, the country will be adding two  laws on civil relations that should complete its Civil Code by 2013. “The Law of Torts and Application of Law in Foreign Civil Relations will complete the Chinese corpus on civil law if both are approved by the National People’s […]

China Issues New Law to Oversee State Assets


Oct. 29 – China’s 11th National People’s Congress Standing Committee has approved a law that will allow the management of state-owned companies to prevent their assets from being illegal seized. The country has an estimated RMB30 trillion worth of state assets. According to China Daily, statistics show that between RMB80 billion to RMB100 billion worth […]

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