Other Briefings
China to Establish Social Security Fund
Dec. 23 – China announced plans Monday to establish a social security number system for the welfare of its citizens. State media reported on Tuesday that the draft of the social insurance law was discussed by the Standing Committee of the 11th National People’s Congress, the country’s top legislature, on Monday. According to the draft, […]
AmCham Shanghai Launches 2008 China Business Report
SHANGHAI, Dec. 17 – The American Chamber of Commerce in Shanghai launched their 2008 China Business Report today, based on an online survey answered by 238 U.S.-based companies doing business in the country. The survey, conducted prior to the eruption of the global credit crisis in September and October of this year prior, provides a […]
Overseas Banks Reneging on China FDI Commitments
Dec. 16 – Several international banks are reneging on previously agreed financing for multinational clients to secure investment capital for overseas expansion, said Chris Devonshire-Ellis, the senior partner of Dezan Shira & Associates. Citing several recent examples, he explained that some businesses, already committed to licensing and approvals processes in China, were now finding that […]
China Raises Money Supply to Help Liquidity
Dec. 15 – China’s State Council has announced that it would increase money supply growth from 16 percent to 17 percent to stabilize the capital market and aid the slowing economy. The new figure is 3 to 4 percentage points above the total growth of economic output and consumer prices. The measure comes three days […]
China Considers Cutting Purchasing Tax for Vehicles
Dec. 12 – The Chinese government is mulling over either reducing or cutting purchase tax for vehicles and granting subsidies to environmentally friendly energy vehicles to encourage its use. According to Shanghai Daily, Chinese carmakers, including Guangzhou Automobile Industrial Corp. and Geely Automobile Co., are asking for government support for slowing vehicle sales during the […]
China’s Consumer Inflation Drops to Lowest Level in Two Years
Dec. 11 – China’s consumer inflation rate dropped to 2.4 percent in November, the lowest rate in almost two years. Food and energy costs eased as the government encouraged growth through spending without spurring price hikes, reports the AP. November’s 2.4 percent inflation rate is lower compared to October’s 4 percent more so February’s 8.7 […]
Chinese Banks to be Allowed to Finance M&As
Dec. 11 – The China Banking Regulatory Commission has revised regulations to allow qualifying banks to finance mergers and acquisitions for all domestic companies for the first time in China. The regulation aims to foster economic growth and fund restructuring plans for industries affected by the global credit crisis.
Business Expenses and China’s New CIT Law
By Sabrina Zhang Dec. 2 – China’s Corporate Income Tax Law that came into effect on January 1, 2008 will for the first time affect audit reporting for business in China, including foreign invested enterprises. With preparation for 2008 year end accounts now underway, foreign investors in China will have to follow a new set […]
