China releases three-year action plan for cleaner air -- China's cabinet has released a three-year action plan on air pollution control, solidifying a timetable and roadmap for improving air quality. Economic, legal, technological, and administrative means will be adopted in a coordinated, methodical and targeted manner to "win the battle for blue skies," according to the plan released by the State Council. By 2020, emissions of sulfur dioxide and nitrogen oxide should drop by more than 15 percent compared with 2015 levels, while cities which fail to meet the requirement of PM2.5 density should see their density of PM 2.5, a key indicator of air pollution, fall by more than 18 percent from 2015 level, the plan said. Cities at prefecture level and above should see the number of good-air days reach 80 percent annually and the percentage of heavily polluted days decrease by more than 25 percent from 2015 levels.
China to build PPP credit system and standardize operation of PPP projects, NDRC -- The National Development and Reform Commission (NDRC), China’s top economic planner, will speed up the establishment of a public-private partnership (PPP) credit system with relevant departments to enhance credibility of participants in the PPP projects, standardize the operation of PPP projects, and promote the healthy and sustainable development of PPP model, according to the official website of the NDRC on July 3.
China releases new measures for foreign firm establishment, modification filing -- China’s Ministry of Commerce has recently released the revised management measure for the filing of establishment and modification of foreign enterprises in an effort to further expand the opening-up and create a better business environment. Under the revised measure, when the filing agency obtains the filing information sent by the industry and commerce and market regulation departments, it shall begin to handle the filing formalities and inform the investors at the same time.
E. China's Qingdao introduces plan to accelerate opening of financial industry -- East China's Qingdao has recently unveiled a plan (from 2018 to 2022) to accelerate opening-up of its financial industry, the Xinhua-run cnstock.com reported on June 29. Under the plan, Qingdao will further expand cross-border business, focus on overseas listing and bond issuance, increase the training of international financial talents, and attract the overseas financial institutions to settle down. According to the Qingdao Daily, within the five years, Qingdao strives to achieve breakthroughs in foreign financial institutions including foreign-funded full-license securities companies, foreign fund companies, and foreign-funded insurance companies, introduce about 10 overseas financial institutions (projects), and see additional 10 overseas listed companies.
China to launch two international commercial courts -- China's Supreme People's Court (SPC) will launch two international commercial courts this month, a senior SPC official said on June 28. The courts will to be set up in Shenzhen, Guangdong Province and Xi'an, Shaanxi Province, Liu Guixiang, a member of the SPC Judicial Committee, said at a press conference on the introduction of a new international commercial disputes resolution mechanism and institutions. A high-level document on the arrangements to promote international commercial cooperation within the Belt and Road Initiative was released on June 27.
China unveils shortened negative list for foreign investment -- China on June 28 unveiled a shortened negative list for foreign investment, with the number of items down to 48 from 63 in the previous version. Jointly released by the National Development and Reform Commission (NDRC) and the Ministry of Commerce, the new negative list will become effective on July 28, 2018. The list, with the official name "Special Administrative Measures on Access to Foreign Investment (Negative List) (2018 Version)," will substitute a catalogue for guiding foreign investment revised in 2017. The new list widens market access for foreign investment in primary, secondary as well as tertiary sectors, detailing 22 opening-up measures in fields including finance, transportation, professional services, infrastructure, energy, resources, and agriculture. The number of items subject to special administrative measures on the new negative list was cut from 63 to 48, further reducing the scope of foreign investment approval, the NDRC said.
China puts new tariff cuts into effect -- China on July 1 introduced huge new tariff cuts covering consumer goods and automobiles, to help increase imports. Tariffs on 1,449 taxable consumer goods were reduced from an average rate of 15.7 percent to 6.9 percent, including home appliances, food and beverage, cosmetics and medicines, according to the Customs Tariff Commission of the State Council. It was the fifth round of tariff cuts for consumer goods since 2015.
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