On 14 September 2006, five ministries jointly issued a circular on adjustments made to tax rebate rates for certain exports and on the expansion of the prohibited category under export processing trade (Circular No.139). Then on 29 September 2006, a supplementary circular (Circular No.145) on adjustments to tax rebate rates was issued under which export [...]
In addition to expanding the prohibited category under export processing trade, China may also enlarge the scope of the prohibited and restricted categories. According to sources, metallurgy, paper-making, smelting, brewery, oil refining, and heavy and chemical industries will likely be included in the “prohibited” category, while textile and garment, shoe-making, luggage and bags, furniture and [...]
According to Circular No.139 mentioned above, the export tax rebate rate of textile products is reduced from 13% to 11%, which will have quite a significant impact on the industry. According to China’s customs statistics, so far this year less than 50% of the export quotas for the majority of textile products destined for the [...]
The irregular practices uncovered in the tender process for construction contracts, drug purchase and government procurement in recent years such as unilateral assignment of winning bids and corruption have raised concerns in society. Speaking at a recent summit on anti-commercial graft, Zheng Xinli, vice minister of the Policy Research Office of Chinese Communist Party Central [...]
China’s central government will invest more than 100 billion yuan (12.9 billion U.S. dollars) in 180 projects in Tibet by 2010, the regional government announced on Monday.
Though it had reported five consecutive years of GDP growth of more than 12 percent, Tibet remained one of China’s most underdeveloped regions due to its harsh natural conditions [...]
The fast-growing Chinese economy attracts many transnational corporations to come to China for investment. While some foreign companies bring their advanced technologies and managerial experiences to China, there is a considerable number of transnational companies that divert their huge profits made in China to other countries in order to evade tax, the Economic Information Daily [...]
