Tax & Accounting

China’s Consumer Inflation Drops to Lowest Level in Two Years

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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

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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

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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 […]

U.S. Treasury Secretary Aims to Broaden Access to China Market

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Dec. 2 – U.S. Treasury Secretary Henry Paulson is on his way to Beijing for the U.S.- China Strategic Economic Dialogue to begin on Thursday. One of his main goals include convincing Beijing to allow Wall Street greater access to the Chinese market, reports the Wall Street Journal. Mr. Paulson is calling for more market […]

Beijing Introduces Tax Cut to Spur Home Purchases

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BEIJING, Nov. 25 – In an effort to encourage spending and boost the slumping housing market, the Beijing government cut contract taxes on home purchases yesterday. tarting November 24, homebuyers in Beijing will have their contract tax halved if the price is below a certain level. According to China Daily, this would mean that if […]

China to Establish RMB3 Billion Fund for SMEs

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Nov. 25 – By the end of the year, the China Association of Small and Medium Enterprises (CASME) will establish a RMB3 billion venture investment fund to aid SMEs gather capital. CASME’s efforts also include the joint issue of an SME corporate bond with the northeastern Liaoning provincial government and starting up a bank with […]

Foreign Investors in China Advised to Conduct Scenario Planning

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Nov. 20 – A China-based consulting firm has released a report advising foreign investors in the country to engage in scenario planning as a way of bracing itself for the possible economic situations that may arise in the near future. APCO Worldwide in their report called, A Gathering Storm? China’s Growth Prospects and the Need […]

China Urges Local Government to Maintain Minimum Wage Level

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Nov. 19 – China’s Ministry of Human Resources and Social Security  has instructed local governments to maintain the minimum wage levels to aid companies in dealing with the global credit crisis. “In the light of the current economic situation and real conditions in companies, minimum wage increases have been suspended for the near term,” said […]

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