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News from China
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
Singapore's business mission to explore opportunities in China
15th April 2016

Singapore Business Federation (SBF) and International Enterprise (IE) Singapore will jointly lead a delegation of 29 companies to explore business opportunities in China's Chongqing from Friday to Sunday, said SBF and IE Singapore in a joint press release on Thursday.

This is the largest Singapore business delegation to visit the Chinese municipality since the Chongqing Connectivity Initiative (CCI) was launched in November 2015, according to the joint release.
The Singapore delegation comprises almost 50 senior representatives of companies from the financial services, aviation, transport and logistics, as well as information and communications technology (ICT) sectors, which are the focus sectors for the CCI.
Also on the trip are the Industry Advisors to the CCI, who will lend their corporate and professional industry expertise to the project.
During the three-day mission, the Singapore delegation will meet local government officials and enterprises, develop a better understanding of Chongqing's business environment, as well as gain insights to the CCI. The delegation will also attend the "Chongqing Connectivity Initiative Seminar" on Saturday.
CEO of IE Singapore Lee Ark Boon said China's West is now among the top investment destinations for Singapore companies. The CCI will further strengthen business ties between Singapore and China's Chongqing.
"The launch of daily flights will see more travels between Singapore and Chongqing, while newly introduced cross-border RMB initiatives will result in increased transactions. Singapore companies can leverage the momentum generated by the CCI to seize new opportunities in this region to meet potential partners and explore business collaborations." Lee added.
SBF Chairman and CCI Industry Advisor Teo Siong Seng also noted that the Chongqing Connectivity Initiative will further enhance collaboration between Singapore and China, bringing opportunities and investments that will benefit both countries.
In recent years, there has been strong economic cooperation and investment interest from Singapore companies in China's West. The CCI is the third Government-to-Government project between Singapore and China, which is focused on the western region of China, also propels the Belt and Road Initiative.
According to the Chongqing Foreign Trade and Economic Relations Commission, by the end of 2015, there were 245 projects, accumulating to a total investment value of 5.68 billion U.S. dollars in Chongqing. Singapore also became Chongqing's largest source of foreign direct investment. 
Source: Xinhua
China central bank pumps more funds into financial system
14th April 2016

 The central bank on Wednesday pumped 285.5 billion yuan (about 44 billion U.S. dollars) into the financial system in open market operations via medium-term lending facility (MLF).

The People's Bank of China (PBOC) said the operations were aimed at maintaining liquidity in the financial system at a "reasonably abundant" level.
The MLF is a tool introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank by using securities as collateral.
The fresh funds were injected into 17 financial institutions, according to the PBOC.
Among the new funds, 127 billion yuan is for 3 months, and 158.5 billion yuan is for 6 months, at interest rates of 2.75 percent and 2.85 percent.
The interest rates were left unchanged to "guide financial institutions to boost support for key areas and vulnerable links of the national economy," the central bank said.
To bolster the lukewarm economy, China has adopted a more pro-growth policy stance, cutting benchmark interest rates and banks' reserve requirement ratio (RRR) multiple times since 2014.
At a press briefing last month, a central bank spokesperson described its monetary policies as "prudent with a slight easing bias."
The Chinese economy posted its lowest annual expansion in a quarter of a century at 6.9 percent in 2015, and the National Bureau of Statistics is scheduled to release data for the first quarter this year on Friday.
Source: Xinhua

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