China improves supervision of systemically important financial institutions -- Authorities have made public a guideline to improve the supervision of financial institutions that carry systemic importance in the country's financial system. The guideline, posted Tuesday on the website of the People's Bank of China (PBOC), the central bank, aims to improve China's framework for supervising systemically important financial institutions, prevent systemic risks and maintain the prudent performance of the financial system. "[The guideline] specifies the policy orientation for supervision of systemically important financial institutions, improves areas of weakness in financial supervision, gives guidance to large financial institutions on prudent operations and forestalls systemic financial risks," the PBOC said.
China to unveil transitional policy for cross-border e-commerce -- Details of the transitional phase of policy for cross-border e-commerce will soon be implemented, including an expanded list for imported products ranging from electronics to consumer goods, food and healthcare products, domestic news site Economic Information Daily reported on November 26. The new list will have more than 1,300 categories of taxable items in cross-border retail, largely covering the most-demanded import products, the media report said. From January 1, 2019, there will be 22 cities in China that will implement the cross-border e-commerce regulations. China's top legislators passed an e-commerce law in August. The law promotes cross-border e-commerce and supports the participation of small and micro-sized businesses, according to the Xinhua News Agency.
China likely to introduce PPP regulations by end 2018, report -- Chinese authorities are expected to introduce regulations on public private partnership (PPP) at the end of this year, and PPP supporting policies and measures are also under way, as learned the Xinhua-run Economic Information Daily at a recent forum in Shanghai. As required in the documents of State Council, China's cabinet, China will try to introduce the PPP regulations at the end of this year, said Zhou Jinsong, deputy head of the Treaty and Laws Department of the Ministry of Finance (MOF). The MOF will also publish a guideline on PPP development soon, while currently formulating a series of evaluation indications on financial endurance, PPP risk management, and PPP performance management, paving the way for a standard system for PPP project management, according to Jiao Xiaoping, director of China PPP Center of the MOF.
China's Hainan to launch ecological restoration in cities in 2018-2020 -- South China's Hainan Province will launch a campaign of ecological restoration in cities from 2018 to 2020, according to a work plan released by the provincial authority on November 27. According to the plan, Hainan will, through the campaign, solve the problems of environmental quality degradation, spatial disorder, historical and cultural heritage damage in the old urban areas, and repair damaged mountains, rivers, wetlands, vegetation, etc. in a planned and systematic manner. Efforts will be made to prevent air pollution, strengthen soil environmental risk management, improve urban functions, and renovate the urban environment, said the province.
China to revise rules on foreign banks -- China Banking and Insurance Regulatory Commission (CBIRC) on November 28 unveiled a draft instrument on the regulation of foreign banks to solicit public opinions. The revision on the detailed rules for regulating foreign banks aims to expand the opening-up of the banking industry, enhance the competitiveness of banks, increase the risk-prevention capabilities of foreign banks and beef up the protection of financial consumers' rights and interests, a CBIRC statement said. A total of 18 items have been modified, including the calculation of working capital appropriated by foreign banks to their branch banks in China and the application of a reporting system when business branches of a foreign-funded bank conduct the business of agency marketing, agency distribution, proxy cashing and government bonds underwriting.
China revising foreign inv't industry catalogue, benefiting central and western regions -- China is advancing the revision of the catalogues of industry guide for foreign investment, which is expected to be completed before the end of March, 2019, according to the Xinhua-run Economic Information Daily. The catalogues aim to give full play to advantages of the central and western China in resources and labor, and expand the scope of foreign investment. China's top economic planner National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOC) are advancing the revision of the catalogues, based on the advice and suggestions of the foreign enterprises, foreign investors and relevant business associations.
China announces 3-year tax exemption on interest gains for overseas investors -- China's Ministry of Finance said on November 22 that the country will exempt overseas institutional investors from some bond market taxes. For the next three years beginning Nov. 7 this year, overseas institutional investors will be exempt from paying corporate income tax and value-added tax on their interest gains derived from investment in the country's onshore bond market. The move aims to further push forward the bond market's opening-up, the ministry said in a statement jointly issued with the State Administration of Taxation.
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