Tax & Accounting

Xinjiang to Offer First Local Government Bond Sale


Mar. 25 – The Xinjiang Uygur Autonomous Region is set to make history when it offers the first local government bond sale in the country amounting to RMB3 billion. The proceeds of the bond sale will be used to finance the economic stimulus package announced last year and reinforce schools and hospitals against earthquakes, build […]

Central Bank Governor Proposes SDR as Main Reserve Currency


Mar. 24 – China’s central bank governor has released a proposal calling for the overhaul of the global monetary system and replacing the world’s main reserve currency with the Special Drawing Right (SDR) prior to the start of the  G20 meetings in London next week. In his essay published in Chinese and English on the […]

Cost of Living and Mandatory Welfare Payment Charts for 2009


Mar. 17 – Dezan Shira & Associates has released an updated cost of living chart detailing prices for a basket of goods and services in the Chinese cities where they operate. The firm used the following as price indicators set in minimum and maximum amounts: office rent in a grade A building, centrally-located western-styled apartment […]

Hong Kong, Mainland to Connect Payment Network


Mar. 13 – Beginning March 16, Hong Kong and the rest of the mainland will link their foreign-currency payment and clearing systems to reduce cross-border payment risks and costs. Mainland Chinese banks can now make cross-border payments and settlements in Hong Kong dollars, United States dollars, euros and pounds through the network. More currencies will […]

China to Eventually Abolish Export Tax


Mar. 9 – China will eventually cut export-related taxes to zero and offer financial help for struggling exporters, the commerce minister said in an interview. The Commerce Minister Chen Deming told the Study Times newspaper, the government would “according to international rules steadily restore zero tax rates for export products,” as well as ensure high-energy […]

Advisor: Shanghai Should Have Clearing Bank


Mar. 3 – A political advisor and member of the 11th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) said that China will need to establish a clearing bank in Shanghai to help its growth as a global financial center. Ji Xiaohui told Xinhua: “Setting up a clearing bank is an important step […]

Tax Regulations for Non-Resident Enterprises


Mar. 3 – The State Administration of Taxation (SAT) has issued the tax regulations for non-resident enterprises that do business and have establishments or places of business in China. Tax registration and filing for non-resident enterprises in China is set to begin from March 1, 2009 while 2008 corporate income tax filing should be done […]

Foreign-Owned Banks Urged to Increase Lending


Feb. 20 – The government is urging foreign-owned banks including Citigroup Inc. and HSBC Holdings Plc. to increase lending to support the slowing economy. Last month, the likelihood of defaults led foreign-owned banks to decrease lending and rein in credit.China’s banking regulator in Shanghai announced yesterday that foreign-owned banks should increase their contribution to China’s […]

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