China mulls 2nd draft revision on rural land contract law -- A second draft amendment to China's law on rural land contracts was submitted on October 22 for review to the Standing Committee of the National People's Congress, the top legislature. The revision identifies and offers clearer support for the transfer of management right of rural land, enabling farmers to retain contract rights over their allotted land and only transfer the management rights if they choose to lease the land to others. It stipulates the means, procedure and basic requirements for conducting transfers of management rights. The revision also introduces regulation on voluntary registration of management right transfers and forbids farmers from unilaterally dissolving contracts.
More enabling business environment to be created -- The government will do more to resolve the concerns of businesses identified during the State Council inspection tours, ensure full delivery of all pro-business policies and build a national Internet Plus regulation system to make government regulation smarter, more standardized and better targeted, as the State Council's executive meeting chaired by Premier Li Keqiang decided on October 22. The Chinese government places high importance on improving the business environment. Premier Li Keqiang pointed out that it is critical to deepen the reform of government functions for notable improvement in the business environment to improve market exceptions and boost market confidence.
China unveils draft measures on individual income tax deductions -- Chinese authorities on October 20 unveiled draft temporary measures on special additional deductions from taxable personal incomes to collect public opinions in the next two weeks. China's revised individual income tax law that came into force this month added special additional deductions from taxable incomes for children's education, continuing education, treatment for serious diseases, caring for the elderly, as well as housing loan interests and rents. The temporary deduction rules were made under the principles of being fair and reasonable, simple and easy to implement, effectively reducing burdens of the people, and improving their lives, according to the Ministry of Finance and the State Taxation Administration.
China unveils plan to improve customs efficiency -- China has released a plan to improve the business environment at customs to promote cross-border trade. The plan issued by the State Council detailed 20 measures aiming to create a stable, fair, transparent and predictable business environment at customs. Clearance documents subject to verification will be reduced from 86 to 48 by Nov. 1, as part of efforts to cut administrative red tape. To improve efficiency, logistics information should be registered on electronic systems while random checks at customs should also be improved using advanced systems. By the end of 2021, the plan aims to reduce clearance time by half, compared with 2017.
China revising QFII rules to facilitate foreign inv't in A-share market -- China Securities Regulatory Commission (CSRC) will work with relevant departments to complete the revision of the Qualified Foreign Institutional Investor (QFII) rules to facilitate foreign investment in China's A-share market, Securities Daily quoted Fang Xinghai, vice chairman of CSRC, as saying on October 18. The revision is to respond to concerns and needs of the overseas investors, continuously improve the cross-border trading system, and optimize the interconnection mechanism, said Fang. Statistics show that as of the end of September this year, China's A-share market had seen a net inflow of foreign funds in the amount of 230 billion yuan (about 33.2 billion U.S. dollars), reflecting the foreign investors' long-term optimism on China's economy.
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