Other Briefings
China to Allow Securities Margin Trading
Oct. 6 – The China Securities Regulatory Commission (CSRC) said it will soon allow firms to do low margin trading and short selling on a trial basis. In a statement made on its website on Sunday, the CSRC did not specify the date of commencement for the trading. It said, “With the agreement of the […]
Beijing, Shanghai, Shenzhen implement incentive programs to attract financial services talent
Sept. 26 – China recently implemented several incentive programs to attract talent to the Chinese financial services sector. Local authorities in Beijing, Shanghai and Shenzhen have introduced new measures to attract financial institutions to set up in their jurisdictions. In Shanghai, financial institutions based in Pudong will benefit from a new incentive program. Security houses, […]
China Dissolves Stamp Duty on Stock Purchases
Sept. 19 – Starting today, the stamp duty on stock purchases will be abolished in an effort to rescue the falling domestic stock market. The move to dissolve the 0.1 percent was done, “to encourage market confidence,” reported Xinhua. The new rule does not include sellers of shares which are still required to pay the […]
Three Chinese Banks Report US$297 Million Lehman Debt
Sept. 18 – As the U.S. financial crisis unravels, China’s three top commercial banks have reported their levels of exposure through bonds issued by investment bank Lehman Brothers. The fourth largest investment bank in the United States, Lehman Brothers, had filed for bankruptcy on Monday when efforts to find a buyer failed last Sunday. In […]
China Purchasing Payment Defaults Rise
HONG KONG, Sept. 5 – In a sign the global downturn is affecting Chinese exporters, payment default rates (non-collectable debts) due from mainland businesses rose in the first six months of 2008 to 1.6 percent of total payments due, according to Coface, the international trade risk financing group. Surveying over 3,000 Hong Kong businesses from […]
National VAT Reform Proposals Submitted to State Council
Sept. 3 – Proposals to restructure the national application of China’s most important collectable tax, the value-added tax, have been put forward to the State Council and are expected to be implemented shortly. Two measures immediately stand out: VAT, which has not yet been levied on services, is to be attached to service contracts and […]
Chinese Legislators Call for SME and Worker Income Tax Cuts
Sept. 2 – Several senior mainland legislators called for national tax cuts to be realized at the fourth session of the NPC on Friday, recommending that monthly individual income tax barriers be raised. Currently, workers in China pay income taxes on everything earned above RMB2,000 a month. Zheng Gongcheng, an NPC Standing Committee Member and […]
September Issue of China Briefing Out Now
Aug. 29 – The September issue of China Briefing magazine is out now and available for download (click on the image – subscription required however this is complimentary). In this issue we look at the development of outsourced payroll services in China. With recent legislation in labor law, and with China’s national social security and […]
