On August 1, 2008, the State Administration of Taxation (SAT) and the Ministry of Finance (MOF) announced several changes in export tax policies. The export tax rebate for textiles and clothing was increased from 11% to 13%. Large export companies are speculating that this increase will boost their profits. Certain chemical products will not be included in the tax rebate increase.
Continue Reading...In June 2007, the Administration for Industry and Commerce of Zhejiang Province announced Measures on Administration of the Registration of Equity Contribution to Other Companies, which provided for the first time for a shareholder to use his equity interest in one company as a capital contribution to another company. Subsequently, the Administration for Industry and Commerce of Shanghai Municipality promulgated a similar Measures on Registration of Equity to Other Companies under existing laws and regulations such as the Company Law and Regulations on Company Registration. This article discusses issues related to such equity contribution.
Continue Reading...On August 6, 2008, the Regulations of the People's Republic of China on the Management of Foreign Exchanges (“the Regulation”) completed an in-depth amendment process making four major changes to the duties of the State Administration of Foreign Exchange (SAFE) and rules related to the State’s foreign exchange system. The main principle is to introduce balanced management of inflow and outflow of foreign exchange funds and to leave room for further policies on capital outflow.
Continue Reading...2008 will be remembered for the unprecedented global economic crises. China was one of the many countries severly hurt by this crisis. What happened in China was not only the recession and 70% declining stock market, but also the devastating earthquake. The current rural problems will also largely effect China.
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