China drafts new rule to improve management of outbound investment -- China's top economic planner on November 3 released a new draft rule to simplify administrative procedures and strengthen regulation on outbound investment by Chinese firms.
The new rule will scrap a provision from a previous rule implemented in 2014 that requires companies acquiring or bidding for overseas projects valued at over 300 million U.S. dollars to report project information beforehand, according to a statement from the National Development and Reform Commission (NDRC).
China delivers massive tax cuts via VAT reform -- China's reform on value-added tax (VAT) has reduced taxes for enterprises by more than 1 trillion yuan (about 150.6 billion U.S. dollars) since its nationwide launch in May last year.
By the end of September this year, the reform saved 1.06 trillion yuan of taxes for business owners, which replaced business taxes with VAT to cut tax burdens and improve the business environment, according to the State Administration of Taxation (SAT).
Russian Far East takes measures to lure Chinese investors -- Russia is stepping up efforts to attract Chinese tourists and investors to its Far East region by improving transport infrastructure and implementing various actions, Alexander Galushka, minister of the Development of Russian Far East, told Xinhua in an exclusive interview.
The minister is a member of the delegation that visited China with Russian Prime Minister Dmitry Medvedev to attend the 22nd China-Russia Prime Ministers' Regular Meeting last week. Within the framework of the meeting, China and Russia are in talks on several big projects. Among them, the international transport corridor projects, called Primorye-1 and Primorye-2, are estimated to involve up to 5 billion U.S. dollars of investment, said Galushka.
China enhances financial support for small businesses -- China has unveiled tax break policies to reduce the corporate burden on small and micro-sized businesses and support economic growth.
From Dec 1, 2017 to Dec 31, 2019, financial institutions will be exempt from value-added taxes (VAT) on income from interests for loans to small, micro-sized and individually-owned businesses, according to a document jointly released by the Ministry of Finance and State Administration of Taxation. Currently the policy applies to loans to farmers only.
Shanghai's free port to focus on offshore trade -- The new free port within the China (Shanghai) Pilot Free Trade Zone in Shanghai will focus on the development of offshore trade and finance, industry insiders said, adding that the plans are now gathering speed.
The Xinhua-run China Securities Journal said on November 6 that the free port in Shanghai will carry out supervision "within the borders but outside the Customs", which is in essence the same principle adopted by other free ports around the world. It would also take steps to develop offshore trade and finance and to facilitate the free flow of commodities, capital and talent.
Chinese police to intensify crackdown on financial crime -- Chinese Ministry of Public Security has told police to step up the crackdown on financial crime, with a focus on illegal fund-raising, internet finance, securities and futures.
A ministry document said that China faced a high incidence of financial violations that could involve large numbers of people, creating significant risk for the finance sector. It said fighting such crime would prove a tough task. The ministry called on the police to check for financial risks and improve early warning and prevention.
Logistics recycle plan initiated ahead of online shopping festival -- China's major logistics platform Cainiao Network said on November 7 that 10 cities, including Beijing, Shanghai and Guangzhou, had launched a plan to recycle paper boxes.
Cainiao Network said the plan covered hundreds of collection areas, and people and vehicles would also join the plan.
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