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News from China
Premier Li stresses support for foreign trade
21st April 2016

 Premier Li Keqiang on Wednesday urged more support for the development of China's foreign trade so as to promote balanced and steady development of the country's economy.

 
"Foreign trade is an important part of the national economy. To stabilize foreign trade and make it stronger is important to ensure the economy runs smoothly and upgrade," according to a statement issued after a State Council executive meeting chaired by Premier Li.
 
Tepid global demand and slowing domestic economy have dealt a blow to China's foreign trade. It fell 7 percent year on year in 2015, with exports down 1.8 percent and imports down 13.2 percent.
 
However, the March data provided some relief. Exports last month surged 18.7 percent year on year, the first increase since December, compared with falls of 20.6 percent in February and 6.6 percent in January. Imports dipped 1.7 percent, an improvement from February's 8-percent drop.
 
According to Wednesday's statement, several measures are in the pipelines to prop up foreign trade.
 
Financial institutions are encouraged to increase financial support for foreign trade enterprises that are "making profits and receiving orders." The tax rebate rate for some mechanical and electrical products will be increased. The statement did not specify what products it was referring to.
 
There will be more cross-border e-commerce pilots to support Chinese companies in increasing their overseas presence.
 
"Proactive import policies" will be implemented, with extra support for the import of advanced equipment and technologies, the statement read.
 
The meeting also pointed out that improvement in transportation infrastructure is badly needed in old revolutionary bases, ethnic minority areas, border areas and poverty-stricken areas.
 
Strengthening the construction of transport infrastructure is key to lifting the underdeveloped areas out of poverty and promoting balanced development among regions, according to the statement.
 
China will accelerate the construction and upgrading of rural roads, expressways, rails and airports over the next five years to benefit its people, said the statement.
 
The meeting set a batch of innovation and entrepreneurship demonstration bases in provincial-level regions to draw innovators throughout the country and promote the development of the new economy.
 
The demonstration bases should run trials on creating a level playing field, talent flow, and collaborative innovation, among others, according to the statement. 
Source: Xinhua
China's FDI to maintain steady growth this year
20th April 2016

Foreign direct investment (FDI) in China will likely sustain steady growth this year, the Ministry of Commerce (MOC) said Tuesday, highlighting robust inflow in western regions and acquisitions.

 
"It [annual FDI] may not increase very fast but will maintain the growth momentum seen last year and in the first quarter [Q1] of this year," MOC spokesperson Shen Danyang told reporters.
 
FDI in western regions posted strong growth in Q1, outpacing the national total with a 42.5 percent jump year on year to reach 21.3 billion yuan (3.3 billion U.S. dollars), he said.
 
Great potential in the service industry and a relatively low base of comparison contributed to the surge in western regions, Shen explained.
 
FDI to the Chinese mainland rose 4.5 percent year on year to 224.2 billion yuan in Q1, slowing from 6.4 percent in 2015. But year-on-year growth in March was higher at 7.8 percent, official data showed.
 
Shen said mergers and acquisitions (M&As) were more active, playing an increasing role in FDI growth.
 
Investment inflow in the form of M&As rose 32.6 percent year on year in Q1 to 7.8 billion U.S. dollars. It accounted for 22.7 percent of the overall FDI, up from 17.9 percent a year earlier, according to Shen.
 
M&As by foreign investors remained active in China, he said, counter to a recent report by accounting firm KPMG, which claimed inbound deals fell last year.
 
The number of foreign-invested M&A deals rose 14.4 percent to 1,466 in 2015, with realized investment soaring 137 percent to 17.8 billion U.S. dollars, Shen noted.
 
The Chinese government continues to welcome foreign investment through M&As, he said. 
Source: Xinhua
China's cross-border e-commerce bids farewell to "tax-free" age
19th April 2016
 A change of China's tax policy on retails sales on cross-border e-commerce platforms has triggered mixed feelings among buyers and sellers as the policy is expected to raise retail prices.
 
According to the new rules, retail goods purchased online will no longer be treated as personal postal articles but as imported goods, which carry tariffs, import VAT and consumption tax.
 
Personal postal articles carry a tax of 10 percent, if they are worth less than 1,000 yuan (154 U.S. dollars). And taxes under 50 yuan were waived.
 
Import VAT and consumption tax vary on goods, but combined they are almost certain to exceed 10 percent, though e-commerce consumers will enjoy a 30 percent discount on their taxable amount.
 
The tariffs for all goods are set at zero, for now.
 
Besides, the new policy only allows a maximum of 2,000 yuan per single cross-border transaction and a maximum of 20,000 yuan per person per year. Goods that exceed these limits will be levied the full tax for general trade.
 
The new policy shall apply to 1,142 commodities most often traded online, as published by the Ministry of Finance on Thursday.
 
During the past few years, China has witnessed a booming cross-border e-commerce sector, which registered more than 30 percent annual growth last year despite a sluggish foreign trade.
 
The new tax policy, aiming at leveling the playing field for e-commerce platforms and traditional retailers and importers, is bringing about anxiety as well as new hopes to both consumers and retailers.
Source: Xinhua
China securities regulator calls for more investor protection
18th April 2016

The securities regulator has called for more investor protection to ensure the healthy development of the capital market.

 
Liu Shiyu, chairman of China Securities Regulatory Commission (CSRC), made the call at a symposium held with securities and fund firms in Shenzhen on Saturday.
 
The symposium was the first time Liu has spoken with the leaders of market players since his inauguration in February. The aim of the dialog was to solicit advice and suggestions.
 
"Institutions should put more emphasis on the protection of investors' legitimate rights and contribute to the healthy development of the capital market," said Liu.
 
He ordered the market players to do businesses in accordance with the principle of prudent operation, and honestly and responsibly fulfill their legal duties.
 
Leaders from six securities firms and two fund companies were present at the symposium.

 

Source: Xinhua

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