Legal & Regulatory

China Announces Export Tax Cuts

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Nov. 13 – China’s Cabinet announced on its website that it would increase the value-added tax (VAT) refund rate on some products including steel, grain, chemical goods and thousands of other goods as part of its efforts to quicken growth after the release of a multibillion-dollar economic stimulus package. The VAT refund rate increase, effective […]

Foreign Personal Security Risk Firms to be Allowed in China Next Year

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Nov. 11 – China is expected to open up its risk management industry next year following an anticipated rubber stamping at the Spring 2009 National People’s Congress, permitting the establishment of both local and foreign invested personal security firms that can provide services such as bodyguards, protection, escort and crisis resolution to operate across the […]

China Releases $586 Billion Economic Stimulus Plan

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Nov. 10 – China has released an economic stimulus plan worth an estimated US$586 billion to stimulate its slowing economy and build new railways, communities, subways and airports in the next two years. The stimulus plan is effective immediately, with US$18 billion already earmarked for the last quarter of the year. The US$586 billion package […]

Hong Kong Issuance of China Visas Easing

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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

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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

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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

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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

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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 […]

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