On September 17, the Shanghai Municipal Government released the “Measures for Accounting Professionals in Hong Kong and Macau to be Partners in Accounting Firms in the Shanghai Free Trade Zone (Trial, Hu Fu Ban Fa  No.43),” which will be effective October 1, 2014 to September 30, 2016. The Measures stipulates that accounting firms with partners from Hong Kong and Macau should meet the following conditions:
On September 25, China and Spain signed business contracts worth approximately US$4 billion (3.2 billion euros) at a ceremony in Beijing’s Great Hall of the People. Spanish Prime Minister Mariano Rajoy visited China last week and signed a total of 14 deals with Chinese Premier Li Keqiang, covering cooperation in areas including the film industry, nuclear power, telecommunication, finance, sea water desalination and wind power. Rajoy also urged the two sides to strengthen cooperation in the food and consumer industries. Furthermore, the two countries made commitments to continue working together for the development of EU-China relations.
China’s General Administration of Quality Supervision, Inspection and Quarantine (AQSIS) recently announced that National Organization Code (NOC) annual inspection system will soon be replaced by an annual reporting system. Enterprises and organizations will be required to submit an annual report containing the organization’s basic information, including its NOC, name, registered address, legal person or person in-charge, type of organization, certificate validity and authorized department. In China, over 40 million NOC have been issued, covering most organizations or enterprises established in the country.
On September 25, the vice president of the People’s Bank of China (PBC) Liu Shiyu officially announced during the CCP12 (the Global Association of Central Counterparties) meeting that China’s cross-border RMB payment and clearing system will be located in Shanghai. The CCP12, a global organization founded by 12 institutions in 2001, has long been studying the best clearing and risk management practices for adoption. To date, the membership of CCP12 has expanded to 34 organizations, operating across Africa, Australia, the Americas, Asia, Europe and the Middle East.
On September 24, Chinese Premier Li Keqiang held a State Council meeting in which it was determined to further liberalize China’s domestic delivery industry to foreign investment. Business licenses will be issued to eligible foreign delivery enterprises following the approval of their business scope and location.Following this, the Ministry of Commerce (MOFCOM) released the “Opinions on Improving the Development of Trade Logistics (Shang Liu Tong Han  No.790)” which aims at boosting the development of logistics enterprises and supporting the construction of offshore economic and trade cooperation zones for trade logistics.
Revisiting the Shanghai Free Trade Zone: A Year of Reforms
In this issue of China Briefing, we revisit the Shanghai FTZ and its preferential environment for foreign investment. In the first three articles, we highlight the many changes that have been introduced in the Zone’s first year of operations, including the 2014 Revised Negative List, as well as new measures relating to alternative dispute resolution, cash pooling, and logistics. Lastly, we include a case study of a foreign company successfully utilizing the Shanghai FTZ to access the Outbound Tourism Industry.
Strategies for Repatriating Profits from China
In this issue of China Briefing, we guide you through the different channels for repatriating profits, including via intercompany expenses (i.e., charging service fees and royalties to the Chinese subsidiary) and loans. We also cover the requirements and procedures for repatriating dividends, as well as how to take advantage of lowered tax rates under double tax avoidance treaties.
Industry Specific Licenses and Certifications in China
In this issue of China Briefing, we provide an overview of the licensing schemes for industrial products; food production, distribution and catering services; and advertising. We also introduce two important types of certification in China: the CCC and the China Energy Label (CEL). This issue will provide you with an understanding of the requirements for selling your products or services in China.
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