China to significantly cut auto import tariffs from July -- China will cut import tariffs on vehicles and auto parts from July 1, the Ministry of Finance (MOF) announced on May 22. For cars, the 25-percent tariff levied on 135 items and the 20-percent duty on four items will both be cut to 15 percent. The items cover passenger cars and certain trucks. Import tariffs on 79 auto parts will all be reduced to 6 percent from the current levels of 8-25 percent.
China moves to offer easier access for foreign investment -- China is quickening preparations for the introduction of new practices to cut red tape for business filing and registration of foreign-invested enterprises (FIEs) as part of efforts to attract more investment inflows, authorities said on May 22. Starting June 30, China will adopt single form and one-stop services to allow FIEs to conduct business filing and registration online free of charge, without the need for paperwork or presence in person. To get ready for the new rules, local authorities have formulated action plans and stepped up technical preparations, Vice Minister of Commerce Wang Shouwen disclosed at a press conference.
China’s new action plan for air pollution control under development -- China is formulating a new action plan for air pollution control with some forward-looking policies and methods to be introduced, the Xinhua-run Economic Information Daily reported on May 21. Some forward-looking policies and methods are being considered, including the allocation of central financial funds based on the improvement of air quality in different regions and the transfer of emissions trading rights and actual emissions quotas through a market-based mechanism instead of executive orders, said Lei Yu, an official of Chinese Academy for Environmental Planning (CAEP) under the Ministry of Ecology and Environment.
China strives to prevent corporate overseas financing risks -- China’s top economic planner, National Development and Reform Commission (NDRC), and the Ministry of Finance have recently jointly released a document to prevent foreign debt risks of the domestic enterprises, according to the report by the Xinhua-run Economic Information Daily. Under the document, enterprise (including the financial institution) with a plan of medium and long-term foreign borrowings has to carry out market-oriented financing in compliance with laws and regulations, fully demonstrate the necessity, feasibility, economics, and financial sustainability of issuing foreign debts, and formulate a foreign debt principal and interest repayment plan. Meanwhile, the enterprise has to establish a sound and standardized corporate governance structure, management decision-making mechanism and financial management system.
China to cut approval time for starting construction projects -- The State Council, China's cabinet, has issued a circular detailing a pilot reform program for cutting the approval time for starting construction projects to improve the business environment and cut red tape. The pilot plan will cover the cities of Beijing, Tianjin, Shanghai, Chongqing, Shenyang, Dalian, Nanjing, Xiamen, Wuhan, Guangzhou, Shenzhen, Chengdu, Guiyang, Weinan, and Yan'an, as well as Zhejiang province. In 2018, the approval time for starting construction projects will be cut by half. The reform will be expanded nationwide in 2019 with the approval time to be reduced to 120 working days. By 2020, a national approval and management system for construction projects will be basically completed.
China releases new national standards for electric bicycles -- China's Standardization Administration (SAC) on May 17 released the new national standards for electric bicycles. According to the new standards, electric bicycle must have pedaling function with the maximum design speed not exceeding 25 km per hour. It should see its total weight (including battery); motor power and nominal battery voltage not exceed 55 kg, 400 watts, and 48 volts, respectively. In addition, the new standards added technical requirements for tamper-proofing, fireproofing, flame-retardant performance, and charger protection. The new national standards will be formally implemented from April 15, 2019.
China to halve time needed for starting businesses -- The Chinese government has demanded local authorities to halve the time required for starting businesses as part of efforts to improve the business environment and encourage entrepreneurship. The amount of time required to start a business in municipalities, sub-provincial cities and provincial capitals should be reduced from an average of 20 workdays to within 8.5 workdays by the end of this year, according to a document released by the General Office of the State Council. The measure will also be introduced in the five leading cities of Dalian, Qingdao, Ningbo, Xiamen and Shenzhen, with other areas also required to see positive progress, the document said. The target will be realized nationwide in the first half of 2019.
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