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Category Archives: News
Yantai city planning for 2011-2020 approved by State Council
BEIJING, Sept. 16 (Greenpost) — The State Council, China’s cabinet, has approved the urban planning for 2011-2020 of Yantai city, Shandong province, east China.
Under the planning, by 2020, the downtown area of Yantai will have a maximum population of 2.3 million and urban construction land area should be restricted within 255 square kilometers.
The planning also requires improvement of roads, waterways, railways and airports. Enditem
Source Xinhua
Iceland to recommend parliament to prove support for refugees
By Xuefei Chen Axelsson
Stockholm, Sept.20 (Greenpost)– Icelandic government of has decided to recommend to Parliament that 2 billion ISK (14 million EUR) will be provided for support to refugees and asylum seekers in the course of next 15 months in order to respond to the alarming refugee crisis due to the conflict in Syria.
According to a press release from Reykjavik reaching here, the fund will be used to support office of the United Nations High Commissioner for Refugees, UNHCR, UNICEF, UN Central Emergency Relief Fund and the World Food Program. If Iceland receives refugees, it will receive it through the UN organisations.
To strengthen measures that can radically change and expedite the processing of asylum applications and respond to the huge increase in their numbers, thereby reducing uncertainty and inconvenience.
The newly appointed Ministerial Committee on refugees and immigrants will provide detailed suggestions for the allotment of funds, and these shall be ready prior to Parliament’s second reading on the financial budget for 2016.
Stockholm Lifetime Achievement Award 2015 goes to director Stephen Frears
Stockholm, Sept. 16(Greenpost)– 2015 Stockholm Lifetime Achievement Award will go to director Stephen Frears.
During the premiere of his latest film The Program, Frears will visits Stockholm International Film Festival to receive the Bronze Horse.
Justification: British director Stephen Frears never shies away from taking on people’s dark and tragic sides, doing so with warmth, passion and a sense of humor.
This year’s receiver of the Lifetime Achievement Award is a filmmaker who is not afraid to take a stand for those who exist at the margins of society. His filmmaking ranges from political films with social pathos to grand epics with the biggest stars. Regardless of what form the story takes, Stephen Frears shows us that he is a director with a genuine curiosity for people’s life stories.
Stephen Frears has since his breakthrough with My Beautiful Laundrette (1984) mesmerized the audience with a series of acclaimed films. The director has been nominated for two Oscars with The Grifters (1990) and The Queen (2006), and awarded with the Silver Berlin Bear for The Hi-Lo Country (1998) at the Berlin International Film Festival. His latest film Philomena (2013) was shown during the Stockholm International Film Festival two years ago and was praised by both audiences and critics.
In the exhilarating thriller The Program (2015), Frears narrates the dramatic story of Lace Armstrong. The undefeated Tour de France champion was discovered to be involved in the most sophisticated doping program in the history of cycling. Starring Ben Foster as Armstrong and Chris O’Dowd as David Walsh, the journalist who devoted years to reveal the scandalous fraud, The Program is a gripping story with a deeply psychological portrait of its main characters.
Cast: Ben Foster, Lee Pace, Dustin Hoffman, Chris O ‘Dowd, Elaine Cassidy, Jesse Plemons, Laura Donnelly.
The Program has premiere in Swedish cinema December 4. Distributor: AB Svensk Filmindustri.
The Stockholm Lifetime Achievement Award is presented annually to honor and acknowledge a longstanding career and an outstanding achievement in cinema. The prestigious award, in the shape of a 7,3kg (16 lb) Bronze Horse is the heaviest film award in the world. It is also a paraphrase on a national design icon, the Swedish Dala horse, and was created by artist Fredrik Swärd. The prize has previously been awarded to directors such as Jean-Luc Godard, Quentin Tarantino, David Cronenberg, David Lynch, Oliver Stone and Mike Leigh.
Spotlight: China economy enters “new normal” eyeing 7 pct growth rate: G20
ANKARA, Sept. 5 (Xinhua ) — The Chinese economy has entered a “new normal” status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years, said Chinese Finance Minister Lou Jiwei here on Saturday.
Lou said it in a written statement after the 2-day G20 Finance Ministers and Central Bank Governors Meeting in Ankara Turkey.
Zhou Xiaochuan, People’s Bank of China governor pointed out in the joint statement that there is no foundation that RMB will keep devaluing for a long term.
Zhou Xiaochuan stated that the bubble in Chinese stock market keep increasing before June 2015. The Shanghai Composite Index has mounted up 70 percent from March to June.
Risks as Investors leverage rapid rise occur during this period of time. China has implemented the correction phase of stock market for three times among which the third time in August has some global impacts.
China has been taking measures to prevent its economy from systematic risk including the PBOC providing liquidity to the market through multiple channels.
The measures taken by Chinese government has prevented the stock market from decline in precipice way and the occurrence of systematic risk.
According to the statement, since the August correction in stock market, the Investors leverage in Stock market has been going down significantly and the real economy has not been impacted.
The reform of the middle price quotation of RMB exchange rate mechanism on August 11 is an important step to the marketing reform of RMB rate.
RMB was devalued for a certain degree after the reform, but the RMB was over valued for reasons like the value-up of U.S. dollar ,the generally value depreciate of Currency in emerging market economies.
“But there is no substantial transformation in the real economy of China and large surplus still remains in the foreign trade of China, so there is no foundation that RMB will keep devaluing for a long term,” Governor Zhou strengthened in the Statement.
“The status of Chinese economy is till in predication. The Chinese Economy has entered a “new normal” status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years” Chinese Finance Minister of Lou Jiewei said in the joint statement.
It is stated that there are mainly two reasons that the growth rate of China will enter the 7 percent period.
Firstly, the rapid growth rate which keeps 9-10 percent in the past and highly depends on the stimulation of policy is not sustainable, and is over the potential growth rate of China which lead to over capacity and mass increase of inventory. It will take years to consume these over capacity and inventory.
The next 5 years will be a painful period for the reform of Chinese economy, and the main goals need to be achieved by 2020. China’s economy will be mainly driven by consumption rather than investment and foreign trade during the reforming period, and this will not be an easy job to accomplish.
Secondly, China’s economic cycle is different with the developed countries. Developed countries generally initiated the process of deleveraging after the global crisis, however, China initiated its leveraging process between 2009 and 2010 and achieved the 10 percent in growth rate.
The contribution rate to growth of global economy was as high as 50 percent above during that time. China now is initiating its process of deleveraging and the growth rate will down to 7 percent but still making 30 percent contribution rate to growth of global economy.
Lou stressed in the statement that there are some positive changes in Chinese economy despite the lower of growth rate, including the contribution rate to growth of consumption comes higher than that of investment, the proportion of service in GDP over passed industry, the proportion of trade surplus in GDP has been decreasing, 7 million new jobs was created in the first half year, the quality of economic growth keeps rising etc.
China will continue to implement a proactive fiscal policy and the increasing rate of central government spending is predicted to be 10 percent, which is higher than the 7 percent budget.
China is taking measures to plug fiscal gap to maintain moderate economic growth and support the structural reform, the statement added.
“The Chinese government will not pay particular attention to a seasonal short term economic fluctuation, and will keep the stability of macroeconomic policies,” Lou pointed out in the statement.
China has achieved a 7 percent growth despite the decreasing of demographic dividend and falling on rate of capital return.
The huge potential of Chinese economy lies in reform and China is unswervingly promote reform and opening up in accordance with the established plan.
“G20 financial ministers and central bank governors have talked about the economy problems in China and we are not pessimistic about China keeping the 7 percent growth rate in the future,’ Deputy Prime Minister of Turkey Cevdet Yilmaz said in the press conference Saturday in Ankara. Enditem
China Exclusive: China in transition to gain more clout in global governance, tech-led
DALIAN, Sept. 8 (Xinhua) — Global institutions should better represent the world’s emerging economies, chief among them China, to reflect shifting geo-political realities, said Klaus Schwab, founder and executive chairman of the World Economic Forum, on Tuesday ahead of its annual summer meeting in China.
Robust economic growth from countries like China and India are signs that Asia is once again the economic center of the world, a fact that Schwab said is not being adequately reflected in international governance.
China has long sought greater clout in global institutions commensurate with its growing economic might. The country has led the creation of the Asian Infrastructure Investment Bank, an alternative to the International Monetary Fund and the World Bank, with both developing and developed countries as its perspective founding members.
“I’m very happy that China is taking leadership in developing infrastructure not only in China, but having regional cooperation,” Schwab said.
He said that rather than competing with the IMF and the World Bank, the AIIB will complement existing institutions to fund a trillion dollar infrastructure investment gap, much of it in Asia.
China’s outreach also comes at a time when growth in the world’s second largest economy is moderating on soft investment and trade. Economic growth slowed to 7 percent during the first half this year as traditional drivers such as real estate, heavy industries and exports run out of steam.
But Schwab said the slowdown is “a necessity to transform the economy from production and export-oriented to a more consumer-led and innovation-based model.”
“The future growth will come not so much from traditional sources like manufacturing….China has to orientate its economy towards innovation and creativity,” Schwab said.
China’s vast manufacturing sector has been saddled with overcapacity as domestic and global demand for its industrial goods have weakened amid economic slowdown.
Authorities have since this year announced plans to nurture tech-intensive industries to help China regain its competitive edge in manufacturing. Meanwhile, China’ s budding internet sector has churned out a legion of innovative firms from Alibaba and Tencent to taxi-hailing startup Didi Kuaidi that helps the economy adapt to its new consumers.
These companies, and western equivalents such as Uber and Airbnb, have come up with what Schwab called “a new approach to old business models,” and brought innovation “not just to one product, but the whole system.”
Competitiveness of the Chinese economy in this new era of disruptive technologies, he said, will come from the agility and speed at which businesses adopt new technologies.
“I’ve seen China confronted many times with what seem insurmountable problems,” Schwab said, “What I’m always impressed with is the vision behind China’s economic policies, which allows the country to meet those challenges.” Enditem
Spotlight: China economy enters “new normal” eyeing 7 pct growth rate: G20
ANKARA, Sept. 5 (Xinhua ) — The Chinese economy has entered a “new normal” status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years, said Chinese Finance Minister Lou Jiwei here on Saturday.
Lou said it in a written statement after the 2-day G20 Finance Ministers and Central Bank Governors Meeting in Ankara Turkey.
Zhou Xiaochuan, People’s Bank of China governor pointed out in the joint statement that there is no foundation that RMB will keep devaluing for a long term.
Zhou Xiaochuan stated that the bubble in Chinese stock market keep increasing before June 2015. The Shanghai Composite Index has mounted up 70 percent from March to June.
Risks as Investors leverage rapid rise occur during this period of time. China has implemented the correction phase of stock market for three times among which the third time in August has some global impacts.
China has been taking measures to prevent its economy from systematic risk including the PBOC providing liquidity to the market through multiple channels.
The measures taken by Chinese government has prevented the stock market from decline in precipice way and the occurrence of systematic risk.
According to the statement, since the August correction in stock market, the Investors leverage in Stock market has been going down significantly and the real economy has not been impacted.
The reform of the middle price quotation of RMB exchange rate mechanism on August 11 is an important step to the marketing reform of RMB rate.
RMB was devalued for a certain degree after the reform, but the RMB was over valued for reasons like the value-up of U.S. dollar ,the generally value depreciate of Currency in emerging market economies.
“But there is no substantial transformation in the real economy of China and large surplus still remains in the foreign trade of China, so there is no foundation that RMB will keep devaluing for a long term,” Governor Zhou strengthened in the Statement.
“The status of Chinese economy is till in predication. The Chinese Economy has entered a “new normal” status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years” Chinese Finance Minister of Lou Jiewei said in the joint statement.
It is stated that there are mainly two reasons that the growth rate of China will enter the 7 percent period.
Firstly, the rapid growth rate which keeps 9-10 percent in the past and highly depends on the stimulation of policy is not sustainable, and is over the potential growth rate of China which lead to over capacity and mass increase of inventory. It will take years to consume these over capacity and inventory.
The next 5 years will be a painful period for the reform of Chinese economy, and the main goals need to be achieved by 2020. China’s economy will be mainly driven by consumption rather than investment and foreign trade during the reforming period, and this will not be an easy job to accomplish.
Secondly, China’s economic cycle is different with the developed countries. Developed countries generally initiated the process of deleveraging after the global crisis, however, China initiated its leveraging process between 2009 and 2010 and achieved the 10 percent in growth rate.
The contribution rate to growth of global economy was as high as 50 percent above during that time. China now is initiating its process of deleveraging and the growth rate will down to 7 percent but still making 30 percent contribution rate to growth of global economy.
Lou stressed in the statement that there are some positive changes in Chinese economy despite the lower of growth rate, including the contribution rate to growth of consumption comes higher than that of investment, the proportion of service in GDP over passed industry, the proportion of trade surplus in GDP has been decreasing, 7 million new jobs was created in the first half year, the quality of economic growth keeps rising etc.
China will continue to implement a proactive fiscal policy and the increasing rate of central government spending is predicted to be 10 percent, which is higher than the 7 percent budget.
China is taking measures to plug fiscal gap to maintain moderate economic growth and support the structural reform, the statement added.
“The Chinese government will not pay particular attention to a seasonal short term economic fluctuation, and will keep the stability of macroeconomic policies,” Lou pointed out in the statement.
China has achieved a 7 percent growth despite the decreasing of demographic dividend and falling on rate of capital return.
The huge potential of Chinese economy lies in reform and China is unswervingly promote reform and opening up in accordance with the established plan.
“G20 financial ministers and central bank governors have talked about the economy problems in China and we are not pessimistic about China keeping the 7 percent growth rate in the future,’ Deputy Prime Minister of Turkey Cevdet Yilmaz said in the press conference Saturday in Ankara. Enditem
News Analysis: Fiscal stimulus to assume bigger growth-supportive role
BEIJING, Sept. 9 (Xinhua) — Although growth uncertainties abound home and abroad, China has plenty of policy options — especially on the fiscal front — to put the economy on track to deliver the around 7 percent annual target.
In its latest effort, the Ministry of Finance on Tuesday put forward multiple fiscal policies aimed at stabilizing growth, such as coordinating funds to accelerate project construction, activating idle money and widening tax breaks.
Other measures include guidance funds for small and emerging businesses, and promoting public-private-partnerships (PPP).
China is battling a property downturn, industrial overcapacity, sluggish demand and struggling exports, which dragged growth down to 7 percent for the first half (H1) of the year.
On top of that, fresh pressures from capital market volatility, currency devaluation in emerging markets, and slumping global commodity prices are further muddying growth prospects.
To achieve the full year growth target, the ministry said it will closely monitor the changing dynamics in the economy and respond with more effective and targeted fiscal policies to support growth, an area where analysts say hold vast potential to shore up growth.
Fiscal surplus for the January-July period was 383 billion (60.22 billion U.S. dollars), leaving plenty room for expansionary policies to increase the budget deficit to 2.3 percent of GDP for 2015, up from last year’s target of 2.1 percent.
Within annual budget, China could record a fiscal deficit of 2.1 trillion yuan for the August-December period, 200 billion yuan more than the same period last year, according to a recent report by China International Capital Corp. (CICC).
In addition, the government’s ongoing drive to activate unspent fiscal funds will make the expansionary fiscal policy more sustainable.
According to the finance ministry, some 13.1 billion yuan of idle fiscal funds have been retrieved and will be redistributed to growth-stabilizing sectors, and 243.8 billion yuan recovered to local budgets.
The more efficient use of idle fiscal funds is equivalent to increasing the government’s disposable funds beyond the budget without raising the government sector’s debt ratio, noted a CICC report.
Meanwhile, to dissolve debt risks of local governments, China has allowed them to replace existing debts with new bonds. The top legislature has approved the expansion of a debt swap program for local governments worth 3.2 trillion yuan in 2015.
On the back of such fiscal support, China has stepped up spending on key infrastructure such as railways in the western regions, renovation of substandard housing and underground utilities, which have all helped boost economic activity already.
“We think infrastructure-investment growth will likely be revived from July’s 16 percent year on year to 20 percent in the coming months, which in turn will provide, at the very least, a counterbalance against China’s ongoing property and heavy industry downturn,” noted a UBS report.
In an assuring message to the market, China’s top economic planner on Monday said the world’s second largest economy is stabilizing and turning for the better, citing stabilizing power use, rail freight and a warming property market as proof for the improvement.
“The economic operation is expected to maintain steady expansion to realize the full-year growth target,” the National Development and Reform Commission said. Enditem
China seeks to combine PV and agriculture as new industrial model
BEIJING, Sept. 6 (Xinhua) — China sought to create a new model for the combination of PV power generation and modern agriculture.
With the treat of anti-dumping auction from the United States and Europe potentially restricting PV enterprises’ sales channels, creating additional demand locally is now essential for PV firms.
Shi Dinghuan, President of Association of Renewable Energy of China, said that developing agricultural PV market has important implications for the country’s agricultural transformation in the long term, while, in the short term, PV agriculture would be the valid measure for PV industry to solve the industrial dilemma. Enditem
News Analysis: Fiscal stimulus to assume bigger growth-supportive role
BEIJING, Sept. 9 (Xinhua) — Although growth uncertainties abound home and abroad, China has plenty of policy options — especially on the fiscal front — to put the economy on track to deliver the around 7 percent annual target.
In its latest effort, the Ministry of Finance on Tuesday put forward multiple fiscal policies aimed at stabilizing growth, such as coordinating funds to accelerate project construction, activating idle money and widening tax breaks.
Other measures include guidance funds for small and emerging businesses, and promoting public-private-partnerships (PPP).
China is battling a property downturn, industrial overcapacity, sluggish demand and struggling exports, which dragged growth down to 7 percent for the first half (H1) of the year.
On top of that, fresh pressures from capital market volatility, currency devaluation in emerging markets, and slumping global commodity prices are further muddying growth prospects.
To achieve the full year growth target, the ministry said it will closely monitor the changing dynamics in the economy and respond with more effective and targeted fiscal policies to support growth, an area where analysts say hold vast potential to shore up growth.
Fiscal surplus for the January-July period was 383 billion (60.22 billion U.S. dollars), leaving plenty room for expansionary policies to increase the budget deficit to 2.3 percent of GDP for 2015, up from last year’s target of 2.1 percent.
Within annual budget, China could record a fiscal deficit of 2.1 trillion yuan for the August-December period, 200 billion yuan more than the same period last year, according to a recent report by China International Capital Corp. (CICC).
In addition, the government’s ongoing drive to activate unspent fiscal funds will make the expansionary fiscal policy more sustainable.
According to the finance ministry, some 13.1 billion yuan of idle fiscal funds have been retrieved and will be redistributed to growth-stabilizing sectors, and 243.8 billion yuan recovered to local budgets.
The more efficient use of idle fiscal funds is equivalent to increasing the government’s disposable funds beyond the budget without raising the government sector’s debt ratio, noted a CICC report.
Meanwhile, to dissolve debt risks of local governments, China has allowed them to replace existing debts with new bonds. The top legislature has approved the expansion of a debt swap program for local governments worth 3.2 trillion yuan in 2015.
On the back of such fiscal support, China has stepped up spending on key infrastructure such as railways in the western regions, renovation of substandard housing and underground utilities, which have all helped boost economic activity already.
“We think infrastructure-investment growth will likely be revived from July’s 16 percent year on year to 20 percent in the coming months, which in turn will provide, at the very least, a counterbalance against China’s ongoing property and heavy industry downturn,” noted a UBS report.
In an assuring message to the market, China’s top economic planner on Monday said the world’s second largest economy is stabilizing and turning for the better, citing stabilizing power use, rail freight and a warming property market as proof for the improvement.
“The economic operation is expected to maintain steady expansion to realize the full-year growth target,” the National Development and Reform Commission said. Enditem
China scraps dividend tax for long-term investors
BEIJING, Sept. 7 (Xinhua) — Chinese investors holding a stock for more than one year will be exempted from a 5-percent dividend tax from Tuesday, authorities said.
Those who have held a stock for one month or less will have to pay 20 percent of the dividend they receive as income tax when they sell the stock, the Ministry of Finance said Monday in a statement jointly released with the country’s taxation authority and the securities regulator.
People who have held a stock for over one month to one year will have to pay a 10 percent dividend tax when they sell the stock, the statement said.
This move is part of the government’s efforts to promote long-term investment following a stock market rout since mid-June.
The Shanghai Composite has plunged more than 40 percent from a peak seen on June 12. Enditem
China seeks to combine PV and agriculture as new industrial model
BEIJING, Sept. 6 (Xinhua) — China sought to create a new model for the combination of PV power generation and modern agriculture.
With the treat of anti-dumping auction from the United States and Europe potentially restricting PV enterprises’ sales channels, creating additional demand locally is now essential for PV firms.
Shi Dinghuan, President of Association of Renewable Energy of China, said that developing agricultural PV market has important implications for the country’s agricultural transformation in the long term, while, in the short term, PV agriculture would be the valid measure for PV industry to solve the industrial dilemma. Enditem
News Analysis: Fiscal stimulus to assume bigger growth-supportive role
BEIJING, Sept. 9 (Xinhua) — Although growth uncertainties abound home and abroad, China has plenty of policy options — especially on the fiscal front — to put the economy on track to deliver the around 7 percent annual target.
In its latest effort, the Ministry of Finance on Tuesday put forward multiple fiscal policies aimed at stabilizing growth, such as coordinating funds to accelerate project construction, activating idle money and widening tax breaks.
Other measures include guidance funds for small and emerging businesses, and promoting public-private-partnerships (PPP).
China is battling a property downturn, industrial overcapacity, sluggish demand and struggling exports, which dragged growth down to 7 percent for the first half (H1) of the year.
On top of that, fresh pressures from capital market volatility, currency devaluation in emerging markets, and slumping global commodity prices are further muddying growth prospects.
To achieve the full year growth target, the ministry said it will closely monitor the changing dynamics in the economy and respond with more effective and targeted fiscal policies to support growth, an area where analysts say hold vast potential to shore up growth.
Fiscal surplus for the January-July period was 383 billion (60.22 billion U.S. dollars), leaving plenty room for expansionary policies to increase the budget deficit to 2.3 percent of GDP for 2015, up from last year’s target of 2.1 percent.
Within annual budget, China could record a fiscal deficit of 2.1 trillion yuan for the August-December period, 200 billion yuan more than the same period last year, according to a recent report by China International Capital Corp. (CICC).
In addition, the government’s ongoing drive to activate unspent fiscal funds will make the expansionary fiscal policy more sustainable.
According to the finance ministry, some 13.1 billion yuan of idle fiscal funds have been retrieved and will be redistributed to growth-stabilizing sectors, and 243.8 billion yuan recovered to local budgets.
The more efficient use of idle fiscal funds is equivalent to increasing the government’s disposable funds beyond the budget without raising the government sector’s debt ratio, noted a CICC report.
Meanwhile, to dissolve debt risks of local governments, China has allowed them to replace existing debts with new bonds. The top legislature has approved the expansion of a debt swap program for local governments worth 3.2 trillion yuan in 2015.
On the back of such fiscal support, China has stepped up spending on key infrastructure such as railways in the western regions, renovation of substandard housing and underground utilities, which have all helped boost economic activity already.
“We think infrastructure-investment growth will likely be revived from July’s 16 percent year on year to 20 percent in the coming months, which in turn will provide, at the very least, a counterbalance against China’s ongoing property and heavy industry downturn,” noted a UBS report.
In an assuring message to the market, China’s top economic planner on Monday said the world’s second largest economy is stabilizing and turning for the better, citing stabilizing power use, rail freight and a warming property market as proof for the improvement.
“The economic operation is expected to maintain steady expansion to realize the full-year growth target,” the National Development and Reform Commission said. Enditem
China may postpone expanding VAT to finance, real estate sector: expert
BEIJING, Sept. 8 (Greenpost) — China might put off expanding the value-added tax (VAT) for business tax reform to financial and real estate industries, disclosed an authoritative source Tuesday.
Previously, Chinese regulators planned to expand the VAT to the three remaining sectors such as construction, property as well as finance and life services by end-2015, which also ends China’s 12th Five-Year Plan period.
However, Chinese finance minister Lou Jiwei’s earlier statement about the VAT reform on August 28 hints possible changes to the timetable. According to Lou, the country would placeconstruction, real estate, finance and life services industries under the VAT for business tax reform “at appropriate timing”, different from the past wording of finishing the reform before this yearend.
Gao Peiyong, dean of National Academy of Economic Strategy, China Academy of Social Science, expected that the all-around completion of the VAT for business tax reform might be delayed and it was hard to predict the precise timing of future expansion.
VAT for business tax pilots China’s tax reform and there are no big moves related to introduction of indirect taxes such as consumption tax, resource tax and environmental protection tax or direct taxes including property tax.
This gave rise to the difficulties for China to expand the VAT to more sectors as the country has reduced via VAT for business tax reform indirect taxes collection while encountered obstacles in increasing direct taxes.
Some other experts echoed the view, saying that it might be the complexity of the reform itself and the huge tax reduction through the reform which might cause sharp fiscal income shrinkage that have caused the delay of reform. Enditem
Source Xinhua
China urges nations to speed up negotiation for Paris climate summit
BEIJING, Sept. 8 (Xinhua) — China on Tuesday called on all countries to speed up negotiations to reach accord at the UN climate summit in Paris at the end of the year.
Foreign Ministry spokesperson Hong Lei told a daily press briefing that China appreciates France’s efforts so far for hosting the summit.
“China looks forward to French President Francois Hollande’s visit to China in November. Both sides are in close communication on the visit,” said Hong.
China is willing to work with all parties to help the summit reach a comprehensive and balanced accord on the principle of common but differentiated responsibilities, equity and respective capabilities, Hong said.
According to China’s intended nationally determined contributions (INDC), an action plan submitted to the secretariat of the UN framework convention on climate change in June, the world’s largest greenhouse gas emitter aims to cut carbon dioxide emissions per unit of GDP by at least 60 percent from the 2005 level by 2030.
The latest round of negotiations on climate change concluded Friday in Bonn, Germany with progress seen by developing countries as slow, putting pressures on negotiators who will come back next month to continue thrashing out a global climate deal.
There is only one official meeting left for negotiators before they head for Paris to clinch the new climate deal which will set rules for actions to prevent global warming above 2 degrees Celsius after 2020.
“As there is not much time left before the summit, all parties need to speed up the negotiation with utmost sincerity so as to build consensus to the greatest extend,” Hong said. Enditem
China still attractive to European firms: European Chamber
BEIJING, Sept. 8 (Xinhua) — China remains attractive to European companies, the European Union Chamber of Commerce in China (European Chamber) said, though rising wages and slower growth have led to worries about the emerging economy.
“Despite a challenging business environment, China still offers significant potential to European companies, including small and medium-sized enterprises,” said the chamber’s position paper released Tuesday.
Twenty-five percent of European firms have a research center in China, and 85 percent of those are likely to increase their presence in the near future, demonstrating China’s importance to the long-term strategies of European companies, the report said.
Facing downward pressure and pains from an economic overhaul, China’s economy expanded 7 percent in the first half of the year, the lowest reading since the 2008 global financial crisis.
The chamber said China should stick to bold reform pledges in a bid to tackle challenges from lower growth and ensure a successful rebalancing of the economy.
The European Chamber, founded in 2000, is an independent non-profit organization and has nearly 1,800 members in China. Enditem
China to curb speculation in forward forex transactions
BEIJING, Sept. 8 (Xinhua) — China’s new measure requiring commercial banks to pay risk deposit for forward foreign exchange sales aims to raise the cost of forex speculation and avoid excessive fluctuation, the central bank said Tuesday.
The People’s Bank of China (PBOC) announced last week that commercial banks will have to pay a 20 percent deposit for their forward forex sales to companies as of Oct. 15.
In forward exchange sales, commercial banks agree to sell a foreign currency to a company at a specific time in the future to help the company ward off risks from exchange rate fluctuations.
The new move is conducive to curbing excessive fluctuation on the forex market, preventing financial risks and promoting prudent operation of banks, the PBOC said in an online statement.
This measure was rolled out as forward exchange sales from commercial banks surged to three times as high as the monthly average of the first seven months in August. “It shows there were speculative transactions,” the PBOC said.
On Aug. 11, the central bank decided to let the market have a greater say in forming the yuan’s central parity rate against the U.S. dollar, leading to a depreciation of more than 4 percent last month.
The measure is not capital control as it does not restrict transaction volume, nor does it require approval for each single transaction, the PBOC said.
The deposit allows banks to make preparations for their possible losses in the future, curbing speculative transactions and raising the overall cost, the central bank said. Enditem
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