Feed: China Briefing News - AggScore: 45.5

EU Chamber Warns of China Investment Withdrawals

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May 29 – Davide Cucino, president of the European Union Chamber of Commerce in China, has warned that the investment climate among European businesses in China is becoming increasingly negative. Citing stalled reforms and perceived discrimination, the Chamber – in conjunction with Roland Berger Strategy Consultants – found through a recently conducted survey that problems with market access, regulatory barriers and rising costs are all cause for concern. To illustrate that point, just over one-fifth of some 557 EuroCham members that responded to the survey reported that they are considering moving investments out of China. “There are indications from this … Continue reading →

IIT Calculation for Hong Kong and Macau Residents’ Mainland-Derived Income

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In order to avoid ambiguities surrounding the double taxation of individuals working between Mainland China and the special administrative regions of Hong Kong and Macau, the SAT issued the a notice clarifying the calculation of IIT for related personnel. Continue reading →

World Bank Releases ‘China 2030’ Report

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China 2030: Building a Modern, Harmonious, and Creative High-Income Society May 28 – A recent report, released by the World Bank and the Development Research Center of the State Council of the People’s Republic of China, forecasts the future economic development of China as well as identifies six reform priorities that the country should implement to avoid a “hard landing.” More importantly, the “China 2030: Building a Modern, Harmonious, and Creative High-Income Society” report outlines specific reform methods needed for China to build up the country in what may be future policy indicators. Six reform priorities Implement structural reforms to … Continue reading →

Lady MacBeth of Chongqing

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Op-Ed Commentary: Chris Devonshire-Ellis May 28 – “Truth is stranger than fiction” runs the old adage, and the circumstances surrounding the recent events in Chongqing certainly seem to have been bizarre by any stretch of the imagination. You all know the story by now, of course, or at least the bits that have been “released” for public consumption. However such tales of murder, intrigue and downfall do have their artistic precedents; and in the case of Bo Xilai, his wife Gu Kailai and the businessman Neil Heywood, an almost uncanny resemblance to a Soviet-era opera, “Lady MacBeth of Mtsensk.” Art-cribbing … Continue reading →

China Minimum Wage Update

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By Julia Gu May 25 – Recently, soaring costs in China’s traditional manufacturing clusters, including land prices, tightening environmental regulations, and wage overheads, have been posing challenges for manufacturers. The Chinese government is apparently shifting from creating preferential policies for foreign investors towards instead favoring its local labor pool due to the country’s widening income gap. In addition, wage hikes will boost domestic consumption to keep the country’s economy expanding while overseas markets remain weak. To that end, China’s Ministry of Human Resources and Social Security revealed the latest minimum wage levels across China in a press conference last month. … Continue reading →

Ten Cities and Provinces Apply to Participate in VAT Reform Pilot Scheme

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10 cities and provinces have officially applied to participate in the VAT reform pilot scheme so far, including Beijing, Chongqing, Shenzhen, Tianjin, Xiamen, Anhui Province, Fujian Province, Hainan Province, Hunan Province and Jiangsu Province. Continue reading →

Zhejiang Province Adjusts Basic Pension Standard

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Zhejiang readjusted the minimum pension base for social endowment insurance for both rural and urban residents from RMB66 per person per month to RMB80 per person per month, effective from June 1, 2012. Continue reading →

China to Open Rail to FDI?

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May 24 – China’s Ministry of Rail has released plans to permit private investment into the country’s rail sector on a massive scale. The Ministry is struggling with huge debts, corruption issues and a series of high profile accidents, and is at the same time under pressure to expand China’s rail network and investment. Private investors will be encouraged to bid for contracts, establish subsidiaries that may list on stock markets, and permit pension funds to invest in rail as an investment, the Ministry said in a policy document released last Friday. The announcement follows last Fall’s annual parliamentary sessions … Continue reading →

China’s Wanda Group Acquires U.S. AMC to Boost Global Exposure

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May 23 – Dalian Wanda Group reached a US$2.6 billion acquisition deal on Monday to purchase AMC Entertainment, the second-largest operator of American movie theaters. Wanda Group already owns China’s largest movie theater chain by box office receipts, and has claimed that the acquisition of AMC will make it the world’s largest cinema owner by revenue. Owned by Chinese real-estate tycoon and the country’s sixth wealthiest person Wang Jianlin, Wanda Group has business interests ranging from commercial property to film production and is China’s third largest cinema operator behind two state-owned giants. The company currently operates 86 theaters and 730 … Continue reading →

Huizhou Launches Enterprise Registration and Examination Reform

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The Huizhou government held a mobilization conference on May 17 to officially launch its enterprise registration and examination trial reform. Continue reading →