Tax & Accounting

China Securities Regulatory Commission Suspends Chinese Share Offerings

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BEIJING, Oct. 10 – In an attempt to boost already battered stocks, China’s financial regulatory body, the China Securities Regulatory Commission, has ceased reviewing applications for Chinese initial public offerings. Beijing has been attempting to boost the market in a number of ways, and over the past few months has cut stamp duties, limited the […]

China to Purchase More U.S. Treasuries to Support Global Economy

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United States may have to pay price for Beijing intervention BEIJING, Oct. 9 – Banking sources in China have indicated to China Briefing News today that Beijing is likely to purchase still more U.S. debt to support the dollar and to help avert a U.S. and possible global downturn. China already holds approximately some US$1.27 […]

China’s Golden Week Holiday Boosts Consumer Spending

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Oct. 7 – According to the Chinese Ministry of Commerce, the October National Holiday boosted consumer spending and travel in the country to record levels. The weeklong holiday runs from September 29 to October 5 in commemoration of the anniversary of the founding of the People’s Republic of China in 1949. The government had lifted […]

China to Allow Securities Margin Trading

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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

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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

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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

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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

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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 […]

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