Other Briefings
SAFE Requires Additional Documents for Foreign Exchange Settlement
A recent supplementary circular stipulates additional documents that enterprises should provide when applying for foreign exchange capital settlement, as well as imposes on banks the obligation to examine and verify the authenticity of the invoices related to and the usage of RMB funds obtained from enterprises’ foreign exchange capital settlements.
Hong Kong Custodial Sentences for False Statements of Truth
Sept. 6 – The courts in Hong Kong have imprisoned two defendants for periods of five and six months for making false statements of truth in cases brought against them. This is the first time custodial sentences have been handed down for the offense, and indicates that Hong Kong courts are getting tougher on accuracy […]
Beijing FIEs Now Subject to Labor Union Fees
From July 2011, FIEs in the pilot areas (Dongcheng, Xicheng, Chaoyang, Mentoutou and Shunyi District) of Beijing will be required to pay labor union fees, according to a recent announcement made by the Beijing Labor Union.
Calculation of Maternity Benefits to Change in Dalian
From this month, employees on maternity leave in Dalian will no longer enjoy their full salary during the period of maternity leave. Instead they will receive a figure equal to the average monthly salary earned by the employees at the company they are working for during the previous fiscal year.
Dalian-based Employers to Face Higher Social Insurance Costs. Other Cities to Follow?
On August 25, the northeast Chinese city of Dalian released a new policy set to come into effect from September 1, 2011, stating that the calculation for the employer contribution of social insurance costs on behalf of their employees will change. The effect of this change is going to have a considerable negative effect on some companies based in the city.
A Business Guide to Western China – Local Markets and Exotic Exports
A complete overview of the trade dynamics and foreign investment opportunities from Xi’an to Xinjiang, and from Mongolia to Tibet. Op-ed Commentary: Chris Devonshire-Ellis Aug. 26 – China’s western regions have long held a fascination for many. The route of the ancient Silk Road, the mysteries of the orient, huge deserts, enormous mountains, a collision […]
Hong Kong’s New Arbitration Law Improves China Dispute Resolution
Aug. 23 – Hong Kong has recently introduced a new aspect to its well-regarded arbitration laws, and has enacted the new Arbitration Ordinance, which came into effect on June 1, 2011. This legislation, based on the widely-used United Nations Commission on International Trade Law (UNCITRAL, or the Model Law), further underlines Hong Kong’s pro-arbitration stance […]
Tax Policy Clarification Released for China’s Western Region
On July 27, China’s National Bureau of Statistics, the Ministry of Finance, and the General Administration of Customs jointly published the “Circular on Issues Concerning Tax Policies for In-depth Implementation of Western Development Strategy (Caishui [2011] No.58, “Circular”),” effective from January 1, 2011.
