Category Archives: World News

China Voice: BRICS a stabilizer of global economy

China Voice: BRICS a stabilizer of global economy

 

BEIJING, July 8 (Xinhua) — A BRICS group with deepened cooperation will not only serve its five member countries and other developing nations, but also stabilize and even boost the world economy.

In upcoming days, leaders of the BRICS countries — Brazil, Russia, India, China and South Africa — will meet in Ufa of Russia for the seventh BRICS leaders meeting.

They met for the first time in 2009, launching the bloc’s cooperation mechanism. Since then, the BRICS have shown vitality and innovation through cooperation, with deepened participation in global governance.

Now these countries will set up the New Development Bank (NDB). The institution’s board of governors will hold its first meeting in Moscow to appoint members of the board of directors and the management.

The NDB shows that the BRICS bloc has transformed from a political concept to a real force for reform in the international community.

With the bank’s funding, developing countries, especially the African states, can improve their infrastructure, rather than struggling with the limited funds the current international agencies provide them.

The new development bank will cover the shortcomings of the global financial system. It is not intended to overturn the current system, but to encourage investment from developed countries and other developing countries with an open and inclusive mind.

The BRICS has become an importance platform for exchanges and cooperation among the world’s major emerging economies. It has brought real benefits for the member states, and also earned a good reputation among the international community.

This new cooperation mechanism pointed to an important trend: emerging economies are playing bigger roles in global issues.

Global economic recovery remains slow. While trade globalization agreements are still being negotiated, the Western countries and Russia are introducing sanctions against each other, and the developed and developing countries have not yet reached agreement on how to balance economic development and climate change.

Under such circumstances, the BRICS leaders’ meeting in Ufa has critical significance as cooperation among them will not benefit not only themselves but also the world economy.

Although the five countries are at very different stages of their development, they will still become new growth poles for the world economy.The five have contributed half the world’s economic growth in the past 10 years.

They have complementary industrial structures. Sufficient labor, abundant resources and large markets give them great opportunities for development.

The five countries are also important players in both their continents and international affairs. In multilateral platforms such as the UN and the G20, they are playing bigger roles than ever before, thus their booming economies can drive the whole global economy through their deepened cooperation with other countries and international organizations. Enditem

Editor Xuefei Chen Axelsson

220 Chinese enterprises raise USD37.96 bln globally via IPOs in H1

220 Chinese enterprises raise USD37.96 bln globally via IPOs in H1

BEIJING, July 7 (Xinhua) — A total of 220 Chinese firms conducted successful initial public offerings (IPOs) on both domestic and overseas capital markets in the first half of this year, accounting for 45.2 percent of global total, raising 37.96 billion US dollars, accounting for 57 percent of global total, according to statistics from investment research company Zero2IPO.

Globally, 487 companies conducted IPOs during H1, up 52.7 percent year on year, raising 66.609 billion US dollars, down 25.3 percent year on year, said Zero2IPO on Tuesday.

Among the 220 Chinese enterprises, 187 were listed on China’s A-share market, raising 23.572 billion yuan. In a breakdown, 78 were listed on the Shanghai Stock Exchange and 74 were listed on the SME board of the Shenzhen Stock Exchange.

Meanwhile, 33 Chinese enterprises were listed on 5 overseas capital markets, raising 14.388 billion yuan, up 42.8 percent year on year.  Enditem

Editor Xuefei Chen Axelsson

 

China becomes globally largest gold spot trading market for eight years running: SGE

 

China becomes globally largest gold spot trading market for eight years running: SGE

SHANGHAI, July 9 (Xinhua) — China has become the globally largest spot trading market of gold for the eighth consecutive year, according to the Shanghai Gold Exchange (SGE) on Thursday.

The SGE data shows that transaction volume in the bourse increased by 151 percent year on year in the first half of 2015. In a breakdown, the SGE’s gold transactions jumped 166 percent year on year to 17,520 metric tons (tonnes), and silver transactions surged 151 percent year on year to 380,000 tonnes.

The international board of the SGE has so far seen accumulative gold transactions stand at 4,764 tonnes and silver transactions stand at 525 tonnes.

The SGE launched the gold international trading board on September 18, 2014. It is the first international financial asset transaction platform launched in the Shanghai free trade zone (FTZ).

As the only legal gold spot trading market in China approved by the country’s central bank, the SGE has become the global largest gold spot trading on-floor bourse for the eighth consecutive year. Rankings of its gold and silver transactions among global exchanges have increased continuously, said an official of the SGE. Enditem

Editor  Xuefei Chen Axelsson

Stockholm chosen to host Eurovision Song Contest 2016

Stockholm chosen to host Eurovision Song Contest 2016

Stockholm will be the Host City of Eurovision Song Contest in May 2016. This was decided on Wednesday by Swedish host broadcaster SVT and European Broad Casting Union (EBU). Together with SVT, the City of Stockholm will create a new innovative arena concept, including all four venues – Tele 2 Arena, Ericsson Globe, Hovet and Annexet – in the Stockholm Globe District. This will be a unique concept in Eurovision history.
– It is an honor to be the host city of Eurovision Song Contest. Stockholm is music. Our city is boiling of activities that revolves around music. Creativity is close to our heart and we want this to be visible during the event. Hosting Eurovision is an opportunity for us to strengthen and stimulate the interest that music creates. We are looking forward greeting the world to Stockholm in May, says Karin Wanngård (s) Mayor of Stockholm.

The main events will take place at all four venues in the Stockholm Globe District. The finale will take place in Ericsson Globe on May 10-14th 2016.

– The solution with multiple arenas enables us to produce the Eurovision Song Contest in the Globe, have the press center at the Hovet and the delegations area at the Annex. The Jewel in the Crown is to take Eurovision Song Contest to the next level by incorporating Tele2 Arena during the evening of the finale ,says Martin Österdahl, executive producer of the Eurovision Song Contest in 2016

Did you know that three of the competing songs during ESC2015 were written in Stockholm during Song Writing Camp in January. Stockholm is the birthplace of the Swedish music phenomenon, from ABBA to Avicii, and one of the worlds leading music exporters.

 

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Stockholm Globe Arenas

Tele 2 Arena, Ericsson Globe, Annexet and Hovet at Stockholm Globe Arenas District
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Stockholm Globe Arenas

Tele 2 Arena, Ericsson Globe, Hovet and Annexet at Stockholm Globe Arena District
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Photographer / Source  Stockholm Globe Arenas

Editor Xuefei Chen Axelsson

Insulin pump reduces mortality from cardiovascular disease by almost 50%

Insulin pump reduces mortality from cardiovascular disease by almost 50%

Stockholm, July 6(Greenpost)–People with type 1 diabetes who use insulin pump therapy face almost 50% less risk of dying from cardiovascular disease than those who take insulin by multiple daily injections, according to a statement reaching here from Gothenburg.

The British Medical Journal has published the study conducted at Sahlgrenska Academy.

Based on the Swedish National Diabetes Register, researchers monitored 18,168 Swedes with type 1 diabetes from 2005 to 2012. While 2,441 of the subjects used insulin pump therapy, the others relied on multiple daily injections.

The study found that insulin pump users had a substantially lower risk of dying of cardiovascular disease than the daily injection group. The correlation was statistically certain.

“We carefully analyzed the findings to eliminate the risk of bias or confounding and concluded that the effect had been fully verified,” says Isabelle Steineck, researcher at Sahlgrenska Academy.

The next step will be to identify the mechanisms that explain the extra benefits of insulin pump therapy. Dr. Steineck believes that one reason for the difference between the two therapies is that the insulin pump method is accompanied by more extensive patient training and more frequent blood glucose monitoring.

”There is a rationale for insulin pump treatment resulting in more stable blood glucose concentrations than multiple daily injections” she says. ”Previous studies have shown that insulin pump can reduce the frequencies of severe hypoglycemic episodes. Severe hypoglycaemia can be a risk factor for cardiovascular events, particularly among high risk individuals.”

”We evaluated the patients who used insulin pump therapy and do not know if the observed effect is attributable to continuous infusion of insulin or that some of the effect is attributable to intensified glucose monitoring, increased motivation to control blood glucose, or a better knowledge about having diabetes type 1”says Isabelle Steineck.

The researchers have concluded that insulin pumps not only make life easier for patients, but represent a safe and effective treatment method.

“This is good news for anyone with type 1 diabetes,” says Soffia Gudbjörnsdottir, diabetologist and director of the Swedish National Diabetes Register. “But not everybody wants to use a pump, and the biggest priority is still to optimize blood glucose monitoring.”

Approximately 20% of Swedish type 1 diabetes patients have access to insulin pump therapy. But earlier studies at Sahlgrenska Academy have demonstrated that hospitals vary greatly – anywhere from 12% to almost 30% of patients may receive pumps.

The article “Insulin Pump Therapy, Multiple Daily Injections and Cardiovascular Mortality in 18,168 People with Type 1 Diabetes: Observational Study” was published online by the British Medical Journal on June 22.

Link to article: http://www.bmj.com/content/350/bmj.h3234

 

Swedish economy on the way up amid uncertainty

Swedish economy on the way up amid uncertainty

 By  Xuefei Chen Axelsson
STOCKHOLM, July 5(Greenpost)–The Swedish economy is on the way up and, according to the forecast, growth will gradually strengthen in the coming years. However, the situation is uncertain, not least because of developments in Greece. This is the message from Minister for Finance Magdalena Andersson, presenting the Ministry of Finance’s latest economic forecast at Almedalen on June 30.

“Looking around the world, we have seen increasing growth since 2013. Many factors indicate a further strengthening of growth next year. The US economy is expected to continue to grow strongly this year, despite a weak first quarter.” said Andersson.

” In the euro area, we saw clear growth in all the four largest economies in the first quarter, for the first time in a long time, and conditions are in place for continued recovery. Having said that, somewhat weaker growth in China and other fast growing economies means that the global economy is gaining strength rather more slowly than we thought earlier this year,” continued the Minister for Finance.

Growth in the Swedish economy in 2015 is expected to derive mainly from domestic demand, while demand from abroad remains weak. However, in connection with the expected strengthening of the international economy from 2016 onwards, net exports are expected to increase and contribute to stronger GDP growth.

The Minister for Finance particularly underlines the impact of the crisis in Greece on the Swedish economy and trends in Swedish exports and industrial production. Commentators have long been expecting a clear strengthening of industrial production, but this upswing has still not materialised. The risk of weaker international demand continues to delay the upswing.

The forecast was made at the beginning of June, when developments in Greece were included as a risk in the assessment of the future economic outlook. In light of developments in the Greek crisis in recent days, this risk has increased. However, the impact on the Swedish economy is difficult to assess.

The forecast for the public finances is somewhat lower than the assessment made in the Spring Fiscal Policy Bill. Central government expenditures are growing more slowly than in the previous forecast. However, weaker tax revenues, larger investments in the local government sector and weaker saving in the old-age pension system result overall in a rather slower rate of growth in general government net lending than forecast in the Spring Fiscal Policy Bill. Net lending/borrowing is not expected to reach balance until 2019.

“We are moving towards stronger public finances. This year we expect to reduce the deficit by more than SEK 20 billion and it will continue to shrink in the years ahead. At the same time, a delicate balance needs to be struck between ensuring the sustainability of the public finances and protecting the recovery,” says the Minister for Finance.

Xinhua Insight: China adopts new law on national security

Xinhua Insight: China adopts new law on national security

BEIJING, July 1 (Greenpost) — China’s top legislature on Wednesday adopted a new national security law highlighting cyber security and demanding the establishment of a coordinated, efficient crisis management system.

Of the 155 lawmakers present at a bimonthly session of the National People’s Congress (NPC) Standing Committee, 154 voted for the legislation. One abstained.

The new law, which will be signed into force by President Xi Jinping later Wednesday, covers a wide spectrum of areas including defense, finance, science and technology, culture and religion.

Outer space activities and assets, as well as those at ocean depths and in polar regions, were also brought under the national security umbrella.

A national security review and regulatory system and relevant mechanisms would be set up to censor items that have or may have an impact on national security, including foreign investment, particular materials and key technologies, network and information technology products and services, projects involving national security, it said.

Security is a top issue in China. A National Security Commission headed by Xi was established in 2013. An overall national security outlook put forward by Xi was also incorporated in the new law.

Speaking to reporters at a press conference, Zheng Shuna with the Legislative Affairs Commission of the NPC Standing Committee said the law was crucial in the face of “ever-growing security challenges”.

“We are under dual pressures […] Externally speaking, the country must defend its sovereignty, security and development interests, and internally speaking, it must also maintain political security and social stability,” Zheng said.

Thus, overarching legislation is needed to guide responses to national security threats and risks, she said.

Ma Huaide, vice president of China University of Political Science and Law, also said the law could provide a sound framework for future legislation on national security.

The first national security law took effect in 1993 and primarily regulated the work of national security agencies, whose major duty is counterespionage. It was renamed the Counterespionage Law in November.

The new law, meanwhile, said national security means that “the country’s state power, sovereignty, unity, and territorial integrity; its people’s wellbeing; its sustainable economic and social development; and other major interests are comparatively in a state of being in no danger and free of any threat from both within and without, and that the aforementioned state can be constantly guaranteed.”

Zheng rejected the notion that the definition was “too broad”.

“The definition does not cover broader areas compared with other countries,” she said.

“Any government will stand firm and ensure that there is no room for dispute, compromise or interference when it comes to protecting their core interests,” she said. “China is no exception.”

When asked to comment on the inclusion of activities and assets in space, deep sea and in polar regions in the new law, Zheng pointed to similar legislation in the United States, Japan, Russia and Europe.

China’s explorations and development in outer space, the international sea bed and polar regions have contributed to better understanding and utilization of resources, and was “conducive to the common interests of mankind,” she said, adding that China had the right to protect its activities, assets and personnel in these “new frontiers”.

One key element of the new law is a clause on cyberspace sovereignty. China will make Internet and information technology, infrastructure,information systems and data in key sectors “secure and controllable”, it read.

The country will strengthen its capability to protect cyber and information security, and enhance Internet and IT research, development and application.

Zheng said cyberspace sovereignty was the embodiment and extension of national sovereignty, adding that the Internet is an important aspect of the nation’s infrastructure.

“Internet space within the People’s Republic of China is subject to the country’s sovereignty,” she said.

China is willing to cooperate with other countries in safeguarding cyber security, building a peaceful, secure, open and cooperative cyberspace, and establishing a multilateral, democratic and transparent international Internet management system, Zheng said.

The new law also vowed that an Internet and information security system would be established to ensure cyberspace security, enhance innovation, speed up development of “strategic” technology and beef up intellectual property protection and application.

A coordinated, efficient crisis management system under a centralized leadership will be set up, it said, adding that national security crises-related information must be published in a timely manner.

Chinese citizens are obliged to report anything that undermines national security, and protect national secrets in line with the Constitution and laws, it read. Enditem

 

 

 

 

China continues to see deficit in foreign service trade

China continues to see deficit in foreign service trade

BEIJING, June 30 (Greenpost) — China continued to see a deficit in foreign service trade in May, data from the State Administration of Foreign Exchange (SAFE) showed on Tuesday.

The country’s service trade deficit reached 111.7 billion yuan (18.3 billion U.S. dollars) in May, enlarging from 106.1 billion yuan in April, according to SAFE.

Last month, the country spent a total of 224 billion yuan in international service trade, double the 112.3 billion yuan it gained during the period.

Distinct from merchandise trade, trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing and accounting.

The State Council has pledged measures to accelerate the development of trade in services, including gradually opening up the finance, education, culture and medical treatment sectors.

SAFE began issuing monthly data on service trade in January 2014 to improve the transparency of balance of payments statistics. Beginning in 2015, it added monthly data on merchandise trade to the report.

In May, China saw a surplus of 359.8 billion yuan in foreign merchandise trade, data showed. Enditem

Source Xinhua

Editor   Xuefei Chen Axelsson

China, France prioritize partnership in industry, energy, third-party markets

China, France prioritize partnership in industry, energy, third-party markets

PARIS, June 30 (Greenpost) — Chinese Premier Li Keqiang on Tuesday agreed here with his French counterpart Manuel Valls on expanding cooperation in industry, energy and third party markets.

Li, who is on a four-day official visit to France, said China is willing to advance practical cooperation and cement mutual trust with France.

Li suggested that the two sides should deepen industrial cooperation in fields including aviation and space, high-speed railway, steel, nuclear, oil and hydro power while increasing added value and jointly exploring third-party markets.

The Chinese premier also noted China and France should step up their cooperation in such areas as agriculture, food, health, digital economy, ocean and polar region development as well as energy efficiency.

Meanwhile, Li called for more favorable conditions to facilitate trade and investment so as to push for a dynamic balance in bilateral trade. “China backs domestic enterprises to invest in France and welcomes French businesses to expand Chinese market with their leading technology.”

Li said the two countries should deepen financial cooperation to provide support for exploring third party markets and enhance exchanges and cooperation in supervising their banking sectors.

France is a core member of the European Union and a partner of special importance for China within the organization, Li noted. “A healthy growth of China-France ties will be exemplary for China-Europe relations.”

He urged France to continue to play an active role in this regard so as to inject new vigor into China-Europe relations.

For his part, Valls said the two countries enjoy fruitful practical cooperation and a broad prospect.

He expressed his hope that France and China could strengthen their economic dialogue and deepen their cooperation in traditional areas including nuclear energy, aviation and space, agriculture and food production while speeding up interaction in such new areas as trilateral cooperation and eco-city building.

Valls called for more two-way investment and exchanges in sectors of culture and tourism.

The French side, he said, appreciated China’s actions in tackling climate change and is grateful for its efforts in working with France to prepare for the 2015 Paris climate change conference.

Li, who arrived here from Belgium after meeting with Belgian leaders and attending the 17th China-EU leaders’ meeting, is now on an official visit to France.

During his stay, he will also pay a visit to the headquarters of the Organization of Economic Cooperation and Development. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson

China, Africa to strengthen industrial cooperation

China, Africa to strengthen industrial cooperation

ADDIS ABABA, June 30 (Greenpost) — Officials from China, Africa, and the World Bank (WB) on Tuesday pledged efforts to strengthen industrial cooperation between China and Africa to boost the continent’s economic development at a two-day investment forum held in Addis Ababa, the capital of Ethiopia.

Chinese Deputy Minister of Finance Liu Jianhua said as Chinese businesses are investing abroad and African countries are attracting foreign capital, technology, and development experience, there is huge room for cooperation.

She said China is willing to help Africa build infrastructure network, achieve industrialization by scaling up financial, technological, and human resources support to Africa.

Liu also said China will increase its cooperation with multi- lateral institutions like the WB in its engagement with Africa. She revealed that China is planning to set up a 50-million-U.S.- dollar trust fund with the WB to support infrastructure development in developing regions including Africa.

According to official statistics, China has been Africa’s largest trading partner for six consecutive years, with trade in 2014 reaching 222 billion U.S. dollars. Chinese invested a record high of 4 billion U.S. dollars in Africa last year, up 14 percent from a year earlier. At least 2,500 big and medium Chinese companies have registered to be operating in Africa, across a broad variety of sectors.

A WB report shows that Chinese investment in Africa is increasingly shifting towards the manufacturing sector as the Asian nation diversifies out of primary sectors such as agriculture and mining. Manufacturing is key to Africa’s future development, the report notes.

In his opening remarks, Prime Minister Hailemariam Desalegn of Ethiopia noted that his government sees the forum embodying three important themes, including Africa’s commitment to economic transformation, strong partnership between Africa and China, and the power of industrialization to deliver development results.

The Premier said China-Africa partnership, which has mutually beneficial results across Africa, has expanded rapidly and taken new momentum.

“As China-Africa trade cooperation moves into its next phase, there will be significant scope for diversification of our economies and exports, particularly into agriculture and manufacturing,” he said. “Chinese investment can be instrumental in addressing structural and logistical constraints that impact the competitiveness of African exports.”

Makthar Diop, WB Vice President for Africa, highlighted China’s experience of dedication, long-term planning, and pragmatism as three major lessons for Africa to learn in order to industrialize. He said Africa’s economy has been growing averagely 5 percent over the past decade and proved itself resilient during the 2008-2009 global economic crisis. However, the negative impacts on the economy brought by recent months’ drop of commodity prices signifies the need for Africa to diversify its economy, Diop said.

One of the key issues discussed at the forum was the role industrial parks and special economic zones play in the process of industrialization.

Since 2007, the Chinese government has been supporting six Chinese company-initiated industrial zones in Africa, located in Egypt, Zambia, Nigeria, Ethiopia, and Mauritius. Economists including WB former chief economist Justin Lin highlighted the success of this innovation especially the Eastern Industrial Park in Ethiopia for facilitating the relocation of China’s labor- intensive light manufacturing.

He said Africa, with 1.1 billion population and low labor costs, is an ideal place to relocate the light manufacturing sector of China as the trend of global value chain moves. Lin urged the governments of China and African countries to seize this opportunity that can help both China and Africa move a step up the global value chain.

Source Xinhua

Editor Xuefei Chen Axelsson

Cuba, China wrap up session on biotech cooperation

Cuba, China wrap up session on biotech cooperation

HAVANA, June 30 (Greenpost) — Cuba and China Tuesday wrapped up a two-day meeting to expand cooperation in the field of biotechnology.

Participants of the 8th meeting of the Cuba-China Joint Working Group on Biotechnology reviewed progress made on existing agreements and outlined bilateral cooperation for the coming two years.

About 100 representatives from biotech and pharmaceutical companies and research institutes from both countries attended the event, which was expected to conclude with the signing of agreements between Cuban state biotech group BioCubaFarma and China’s National Development and Reform Commission (CNDR).

Cuban Vice President Miguel Diaz-Canel attended the first day of the session, where participants discussed biotech applications in five key areas: industry, sanitary regulations, health, science and neurotechnology and agriculture.

The president of BioCubaFarma, Dr. Carlos Gutierrez, addressed the opening of the session, saying cooperation in biotechnology has become one of the driving engines of the relationship between Havana and Beijing given its “great outlook.”

The deputy director of the CNDR, Lin Nianxiu, concurred, saying collaboration in the field has been mutually beneficial in the past decade.

Chinese firms, said Lin, are interested in establishing themselves in Cuba, investing in the country’s new Mariel Port development, a deep-water shipping port and industrial park taking shape near Havana.

China has spent some 500 billion yuan (about 82 billion U.S. dollars) in recent years on the production and sale of biotech products.

The two countries began to cooperate in the field starting in 2004, during a visit to Cuba by then Chinese president Hu Jintao.

Today, about a score of Chinese biotech or pharmaceutical companies are involved in more than 30 joint projects with their Cuban counterparts. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson

China’s Jan-May grain import jump to 50 percent

China’s Jan-May grain import jump to exert limited effect on domestic market

 

BEIJING, July 1 (Greenpost) — China’s grain imports in the first five months jumped by around 50 percent year on year, but that has limited effects on the domestic market, say analysts.

In the first five months of the year, China’s grain imports amounted to 12.5 million metric tons (tonnes), up 47.3 percent year on year, according to the data released by the Ministry of Agriculture (MOA).

In a breakdown, the country’s corn imports in January-May increased by 31.69 percent year on year to 1.778 million tonnes, while its wheat imports in the period fell 60.47 percent year on year to 966,000 tonnes. In May, the country’s wheat imports jumped by 63.01 percent year on year, the data showed.

Despite the rapid increase in grain imports, compared to the domestic output, the import amount was small. For example, China’s corn imports in 2014 accounted for only a hundredth of the homegrown corn output, which stood at 215.67 million tonnes last year. In addition, the tariff quota management system implemented for grain imports also limited the space for import increases, said analysts.

In 2014, China’s grain imports amounted to 19.516 million tonnes, nearly nine times those in 2003.

Chinese cabinet posts guidelines on using big data to better serve, regulate market

Chinese cabinet posts guidelines on using big data to better serve, regulate market

 

BEIJING, July 1 (Greenpost) – Chinese cabinet, the State Council, released guidelines to strengthen services and supervision on market entities through big data, according to a circular on governmental portal www.gov.cn Wednesday.

Under the drive, the Chinese regulator aimed to improve governmental services and supervision efficiency, advance administrative rights reduction, and develop socialized credit information services.

China’s top securities regulator – China Securities Regulatory Commission (CSRC) – is required to support financial institutions including banks, securities firms, trusts management companies, finance leasing operators, guarantee firms, and insurers, industry associations and commercial chambers to use big data to serve enterprises.

CSRC is also required to guide credit information institutions to widen application of credit reporting in administration, public services, banking, securities and insurance sectors as well as optimizing fiscal, taxation, industrial and talents policies to expedite development of the big data industry.

Source Xinhua

Editor Xuefei Chen Axelsson

China ratifies int’l pact against tax avoidance

China ratifies int’l pact against tax avoidance

 

BEIJING, July 1 (Greenpost) — China’s top legislature has ratified an international convention combating tax avoidance.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters was submitted by the State Council, China’s cabinet, to a bimonthly meeting of the National People’s Congress Standing Committee for review. It was ratified before the meeting closed on Wednesday.

The pact will enable China to participate in global initiatives against tax avoidance and evasion by cooperating with other states in the assessment and collection of taxes.

Wang Jun, administrator of the State Administration of Taxation, signed the convention on behalf of the Chinese government in 2013 in Paris.

The State Council hopes the convention will help China meet its commitments to the international community as well as squeeze shelter for Chinese tax dodgers.

It will not be applied to Hong Kong and Macao for the time being, according to the agreement.

The convention was developed by the Organization for Economic Cooperation and Development and the Council of Europe in 1988 and updated in 2010, when it was opened to all countries.

Seventy had signed it as of March. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson

 

China unveils plan to implement environmental protection pacemaker program

China unveils plan to implement environmental protection pacemaker program

 

BEIJING, July 1 (Xinhua) – China’s four ministries and commission jointly publicized a plan to implement the environmental protection pacemaker program, according to an announcement posted on the website of Ministry of Finance (MOF) Wednesday.

According to the plan, environmental protection pacemakers are required to have their products meet the technical requirements on environmental protection-labeled products and also lead comparable products of their kinds in terms of environmental performances, to implement management of green supply chain environment with environmental-friendly designing, efficient clean production technologies and low emission of pollutants in the whole lifecycle of products, to have no bad records for its products in the state’s random inspections on product quality in the recent year, to be independent legal entities in the Chinese mainland with complete quality control system, perfect supply systems and fine after-sale services, promising normal supply of products via the mainstream marketing channel.

The Ministry of Finance, the National Development and Reform Commission, the Ministry of Industry and Information Technology and the Ministry of Environmental Protection promised in the plan to release on a regular basis the name list of environmental protection pacemakers and catalogues of their products give them appropriate policy supports.