China likely to issue measures of supervising financial holding firms in H1, 2019 -- China will strive to release measures of supervising the financial holding companies in the first half of 2019, the Xinhua-run Economic Information Daily quoted China's central bank as saying on November 5. At present, China's central bank, People's Bank of China (PBOC) is conducting pilot supervision of five financial institutions, such as China Merchants Group, Shanghai International Group, Ant Financial Services Group and Suning Holdings Group. The pilot supervision of the financial institutions of different types is aimed at making the upcoming measures more operational and applicable to companies in fields of both traditional finance and the new finance, according to Zhou Xuedong, a senior PBOC official.
China to further promote overseas listing of domestic enterprises, CSRC -- China's top securities regulator, China Securities Regulatory Commission (CSRC) will continuously promote overseas listing of the qualified domestic enterprises to better serve the real economy and support the Belt & Road construction, said Gao Li, the CSRC spokesperson at a press conference on November 2. China's Qingdao Haier Co. Ltd, a leading global household appliances manufacturer, on October 24, started its first day as a public company on the D-Share market of China Europe International Exchange AG, becoming the first company to do so. At present, Qingdao Haier has become the first company listed both on the D-Share market and the A-Share market.
China's Sanya to invest over RMB1 billion to improve communication network in 2018-20 -- South China's Sanya plans to invest more than 1 billion yuan to improve the city's communication network in urban and rural areas, starting from 2018 to 2020, according to the local newspaper Hainan Daily on November 2. According to the local authority, Sanya will increase the construction of Gigabit optical network and rural optical network, further improve the quality of 4G network, actively deploy the 5G network and develop the next generation mobile Internet. To be specific, Sanya aims to abolish mobile communication traffic roaming charges and reduce the mobile network traffic charges by more than 30 percent this year, according to the Sanya government.
MIIT to introduce more measures to support private businesses -- The Ministry of Industry and Information Technology (MIIT) on November 4 said it would take various measures to facilitate the development of private businesses. Miao Wei, minister of the MIIT, said his ministry would accelerate the informatization of small and medium-sized businesses, keep organizing more contests on innovation and entrepreneurship, and reinforce the protection of intellectual property to support private businesses' innovation and improve their competitiveness. "We encourage small and medium-sized enterprises to assess their characteristics and exploit advantages in certain fields to ensure better and faster development," Miao said. The MIIT will relax market access and lift barriers to allow private businesses to enter industries including telecommunication.
E. China's Jiangsu Province introduces 20 measures to expand imports -- East China's Jiangsu Province has recently introduced 20 measures to expand imports, according to the province’s Department of Commerce on November 5. The province will take measures to optimize the structure of imported goods, actively cultivate import entities, and promote the construction of platform carriers and the trade facilitation, said the department. Jiangsu will encourage imports of the urgently needed medicines, medical equipment and rehabilitation, and aged care equipment, and support construction of the import commodity exhibition centers. Meanwhile, the province will support eligible air ports to apply for the establishment of inbound duty-free shops.
China supports int'l cooperation of Yangling in agriculture -- The State Council, China's cabinet, has approved policies to support international cooperation of the Yangling Agricultural Hi-tech Industries Demonstration Zone in agriculture field, according to www.gov.cn on November 5. As a national-level high-tech development zone in Shaanxi Province, the zone aims to build itself into a modern agricultural international cooperation center under the Belt and Road Initiative to comprehensively expand international cooperation and exchanges in the agricultural sector. The government will support the Yangling zone to set up a comprehensive bonded zone when conditions are ripe. Meanwhile, Yangling zone will be supported to build designated ports for the entry of meat and other foods.
China expected to launch new round of tax cut within year, benefiting small business -- China is expected to unveil a new round of tax cuts within the year which industry insiders believe will benefit the small business and tech start-ups more, according to the Xinhua-run Economic Information Daily on November 7. Relevant departments are discussing and formatting a plan for the new round of tax cuts, said the report. In terms of the value-added tax (VAT), China has been moving towards the objective of improving the tax system and reducing the tax burden, from the comprehensive implementation of the pilot reform of replacing business tax with VAT, to the deepening of the VAT reform, and to the future move of simplifying tax brackets of the VAT.
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