Legal & Regulatory

China announces new restrictions on processing trade

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China announced a new policy on Monday seeking to curb the growth of processing trade in labor-intensive sectors, Beijing’s latest attempt to reduce the country’s soaring trade surplus. Set to take effect August 23, 2007, the new regulations will restrict processing trade of 1,853 products in plastics, furniture and textiles and other labor-intensive industries. According to a […]

Housing fund contributions change for Beijing, Shanghai and Guangzhou

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Provincial tax authorities recently announced an amendment to the regulations that govern tax free contributions to basic pension funds, basic medical insurance, unemployment and housing funds (Cai Shui (2006) Circular 10). Effective July 1, 2007, provincial supervision bureaus have put in place new regulations on housing fund contributions for Beijing, Shanghai and Guangzhou. When it was issued […]

China to stop using corn for biofuel in five years

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In an effort to develop biofuel alternatives without harming the general food supply, China is shifting its dependence on corn as the main raw material to sorghum, cassava and sweet potato plants in the next five years. Cassava and sweet potato are both high-yield plants, and while edible, are not a stable food like corn and won’t create […]

New rules for foreigners buying property in Shenzhen come into effect

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Foreigners are now limited to buying one home for personal use in Shenzhen. The rule, which came into effect Wednesday, states that all non-mainlanders, including overseas nationals, Chinese citizens resident overseas and residents of Hong Kong, Macau and Taiwan, will be allowed to buy property only if they sign a guarantee that the house is […]

China taxes oil exports by foreign firms

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China will impose a tax on crude oil exports by foreign partners in offshore joint ventures the Ministry of Finance announced yesterday. As reported in China Daily, the tax – a 5 percent tariff on oil exports – will take effect August 1, but existing contracts will be granted a five-year holiday. “The move is aimed at […]

Hong Kong and mainland to further liberalize CEPA

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On June 29, Hong Kong and Beijing agreed on further liberalize services and economic co-operation under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) by signing Supplement IV to CEPA. The mainland will introduce a total of 40 liberalization measures covering 28 services areas, including 17 existing CEPA services areas and 11 new […]

Schedules to the BVI Companies Act amended

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The BVI Financial Services Commission announced on Tuesday that the BVI Executive Council has issued an order amending the schedules to the BVI Business Companies Act. This order is important as it paves the way for a number of new initiatives including new simplified provisions for the transitioning of bearer share companies to non-bearer share […]

China Adopts Labor Contract Law

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On Friday, June 29, 2007 China’s top legislature, the National People’s Congress (NPC) adopted the labor contract law. The controversial bill gained increased exposure and was all but guaranteed passage after the Shanxi brick kill slavery scandal of early June. The law, which will come into effect on January 1, 2008, won 145 of the […]

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