China issues taxation guidelines for firms operating overseas -- China's State Administration of Taxation (SAT) has compiled the Taxation Guidelines for Going Global, covering 83 specific items, according to an SAT official. The move is aimed to better serve national opening-up policy, provide taxation services to enterprises aiming to “go global” and help enterprises avoid tax risks in overseas investment. For this purpose, SAT has integrated and categorized 47 relevant regulatory documents and 105 relevant agreements, which were issued before August 2017.
SSE releases vision and action plan for B&R -- Shanghai Stock Exchange (SSE) released the Vision and Action Plan of Serving Belt and Road Construction (2018-2020) on October 27 for promoting cooperation in capital markets in countries along the Belt and Road (B&R). As a programmatic document serving the B&R Initiative, SSE’s Vision and Action Plan aims at promoting and organizing capital market cooperation along the B&R, enhancing direct financing channels for B&R construction, mobilizing domestic and international capital from countries along the B&R, and urging domestic and foreign enterprises to join the initiative.
China acts to evaluate burden reduction measures for enterprises -- The State Council, China's cabinet, has started a nationwide overhaul of measures to ease the corporate burden. The items to be reviewed include cost reduction, arbitrary administrative charges and service mechanisms. Much emphasis is put on addressing problems that impede enterprises, according to the State Council. The inspection was divided into three phases -- self-inspection, field supervision and rectification -- at a joint inter-ministerial meeting of the State Council committee for reducing enterprise costs.
Draft e-commerce law highlights safe trade, consumer rights -- The latest draft law on e-commerce, submitted for the second reading on Oct. 31, further clarifies liabilities of e-commerce operators and punishment over infringement of consumer rights. The bill, submitted at a six-day bimonthly session of the National People's Congress (NPC) Standing Committee, classifies e-commerce operators into three entities: "those doing business on their own websites, e-commerce platform operators, and stores on e-commerce platforms." According to the draft, e-commerce operators should be registered with the industry and commerce administrations, except for those who sell homegrown farm produce or handmade products and others who by law do not need to be registered.
Draft law revision targets unfair online competition -- China highlighted proper online market competition in the latest draft revision to the Unfair Competition Law, submitted for a third reading on Oct. 31. "Fake advertising by e-commerce operators has become a serious problem, severely disturbing market order," Zhang Mingqi, vice director of the National People's Congress (NPC) law committee, told lawmakers at the bimonthly session of the NPC Standing Committee. The draft stipulates that e-commerce operators should neither deceive nor mislead consumers by faking sales volume or user comments.
Chinese lawmakers review draft law on ship tonnage tax -- Chinese lawmakers began the review of a draft law on ship tonnage on Oct. 31, which will replace a regulation from late 2011. The draft law was given a first reading at the bimonthly session of the Standing Committee of the National People's Congress. China will impose the current tonnage rate in line with the regulation, which divides tax items into four categories according to net tonnage, according to the draft.
China considers revising rural land contract law -- China's top legislature is mulling a revision to the law on rural land contract. "The revision aims to better define the use rights of rural land so that farmers can enjoy 'sufficient and guaranteed protection over their land rights,'" said Liu Zhenwei, deputy director of the Agriculture and Rural Affairs Committee of the National People's Congress (NPC), at the bi-monthly legislative session of the NPC Standing Committee. Stressing that the state protects the stability and consistency of rural land contracts, the draft revision says that upon expiration the current round of contracts will be extended for a further 30 years.
China to develop industrial Internet -- China will speed up integration of information technology and the manufacturing sector and the development of industrial Internet, according to a decision made by a State Council executive meeting on Oct. 30. Industrial Internet usually refers to the convergence of the industrial system with Internet-based technology, such as cloud computing and advanced analytics. A favorable environment for the industrial Internet will be created, with streamlined administration and fiscal support.
China promotes internet plus manufacturing to boost innovation and competitiveness -- China will speed up the development of internet plus advanced manufacturing to boost innovation and entrepreneurship and integration between enterprises of various sizes to enable further upgrading of the economy. The decision was made at a State Council executive meeting on Oct. 30. The integration between the internet and the real economy will be further deepened, and the development of the Industrial Internet will be accelerated through the implementation of the Made in China 2025 strategy.
More Chinese cities adopt "single window" approach for foreign trade -- A single-window platform was opened for companies dealing in international trade in southwest China's Chongqing municipality on October 31. The "single-window system" enables faster and easier cargo clearance. Companies need not to deal with multiple agencies. They only submit documents at a single location.
Xiao Wenjun, deputy director of the Chongqing port, said 39 types of services are available via the single-window system in the city.
A single purchase
