資訊

資訊

1 China's central bank issues fi rst off shore Renminbi bond in London

Oct. 21, 2015 (China Daily) -- China’s central bank issued its first off shore renminbi bond in London, in a move that marks a milestone in plans to deepen the off shore renminbi liquidity in London. The deal was announced to coincide with President Xi Jinping’s fi rst state visit to the UK. The dim sum bonds are worth 5 billion renminbi (US$ 787 million), with an interest rate of 3.1 percent, and fall due in 2016. This is the fi rst time that renminbi government bonds have been issued outside China, in an attempt to open up an off shore renminbi debt market. Industrial and Commercial Bank of China (ICBC) and HSBC are joint global coordinators of the deal. Linklaters acted as legal advisor.

2 China gives fresh support for newenergy cars

Oct. 1, 2015 (Xinhua) -- China’s new energy vehicles (NEVs) are shifting into high gear fueled by a string of favorable policies, with strong sales despite a lackluster automobile market. The State Council, China’s cabinet, asked local authorities to lift purchase restrictions and remove traff i c controls for NEVs, while retaining curbs for cars running on fossil fuels, to stimulate sales and development of eco-friendly vehicles. Buyers of electric cars will be able to obtain license plates without applying through the usual lottery systems in place in some major cities. China has been promoting the use of NEVs with subsidies and tax cuts in a bid to cut emissions and save energy, and the sector saw explosive growth in the past two years.

3 Proposal for fool-proof corporate tax regime by year-end

Oct.13, 2015 (China Daily) -- A key government draft proposal that will seek to tackle multinational corporations’ taxavoidance will draw from a latest international tax rule, and is expected to be rolled out by the year-end. The proposal, which is known within the industry as the No. 2 Document, is being closely watched by MNCs in China and tax professionals alike. For, it will give detailed guidance on what MNCs call“transfer pricing”. The document has drawn from action plans on base erosion and profi t shifting or BEPS, the emerging international tax rule, especially in transfer pricing of intangible assets, interest deductions and overseas subsidiaries.

4 China raises retail fuel prices

Oct. 21, 2015 (Xinhua) -- China will raise the retail price of gasoline and diesel from Wednesday, the National Development and Reform Commission (NDRC) announced Tuesday. Retail price of gasoline and diesel will both rise by 50 yuan (US$ 7.9) per ton. Under an oil pricing policy in place since the start of 2013, the NDRC can adjust the price of fuel every 10 working days based on changes on the global market, should the change be more than 50 yuan per ton. Since late September, global oil prices have experienced an upward trend, partly due to a decrease in drilling platforms in the United States, the NDRC noted.

5 Economists favor reducing GDP target to 6.5%

Oct. 16, 2015 (China Daily) -- A further cut in GDP growth is being advised by economists for China's 13th Five-Year Plan (2016-2020) to pave the way for more reforms and the switch to a consumption-driven economy. They propose that the annual GDP growth target should be cut from about 7 percent to 6.5 percent. Some economists even see short periods of 6 percent growth as tolerable. Economists said there is no need to fear a further slowdown. Even as year-on-year GDP growth falls to 6.5 percent, based on a total of 63.65 trillion yuan (US$ 10 trillion) last year, this still represents a rise of more than 4 trillion yuan, more or less the total of the nation’s economy in 1994, or that of Switzerland, the 20th-largest economy in the world.

6 China audit fi nds $530m in arbitrary fees to enterprises

Oct. 21, 2015 (Xinhua) -- The National Audit Office (NAO) said it has uncovered 3.37 billion yuan (US$ 530 million) in arbitrary fees to enterprises so far amid the country’s efforts to simplify business registration. A total of 367 million yuan in arbitrary charges have been found at 20 quality supervision stations nationwide since 2012, and some industries in Guangxi Zhuang Autonomous Region were found to have levied over one billion yuan in arbitrary fees. The NAO will strengthen audit supervision in the future and urge departments involved to stop the arbitrary charges. Since 2014, a crackdown on arbitrary charges has helped businesses save 30 billion yuan, according to the State Council.

7 China plans $31b investment for border zone with Laos

Oct. 20, 2015 (Xinhua) -- China has announced an investment of 200 billion yuan (US$ 31.4 billion) in a pilot economic zone on the border with Laos. The investment will cover more than 240 projects in such fields as transportation, education and energy for the Mengla zone in Xishuangbanna Dai Autonomous Prefecture in Yunnan Province. The 4,500-sq-km zone, approved by the State Council, China's cabinet, in July, includes an economic development park at Mohan on the border. Construction started on a railway linking Yuxi to Mohan, part of the China-Laos international railway, in August and preparations for Mengla airport are underway. The railway and airport are expected to be in use by 2020.

8 China approves $15b in infrastructure projects

Oct. 16, 2015 (Xinhua) -- China’s top economic planner approved the construction of eight infrastructure projects, with an estimated total investment of 95.3 billion yuan (US$ 15 billion). The National Development and Reform Commission (NDRC) authorized plans to build two railways, one in Xinjiang Uygur Autonomous Region in the northwest and the other linking southwest China’s Guizhou province and central China’s Hunan province. The agency also approved plans to build highways in Gansu, Hebei and Jiangxi provinces, construct two highway bridges across the Yangtze River and dredge part of the Grand Canal between Beijing and the eastern city of Hangzhou. The most costly of the projects would be a 244-km expressway in Northwest China’s Gansu province, expected to require 37.05 billion yuan.