1. Three ministries plan to levy emissions tax starting in 2010
On Saturday (Nov. 17), a national forum on the development of sustainable energy is held. Yang Chaofei, a senior official of the State Environmental Protection Administration, says during an interview that the Ministry of Finance, the State Administration of Taxation (SAT) and the State Environmental Protection Administration are drafting regulations on an emissions tax. Car-owners will pay tax on their emissions starting in 2010. [www.xinhuanet.com, 2007.11.19]
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2. Expected wage of college graduates drops to RMB1,000 per month
Nov. 18, the reporter interviews people at a recruiting fair in Ningbo city, Zhejiang province. Over 10,000 college graduates attend the fair. The expected wage of college graduates has dropped to RMB1,000 per month. [www.sohu.com, 2007.11.19]
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3. China to phase out tax breaks for most foreign companies
Nov. 16, the Second International Taxation Summit 2007 is held in Shanghai. China has drafted executive regulations for a new corporate income tax law that will harmonize the domestic and foreign rates, and the final draft has been submitted to the State Council for approval. It will be announced in Dec. The income tax rate for foreign companies in special bonded zones, which previously enjoyed a preferential rate of 15%, will rise in stages to 18%, 20%, 22%, 24% and finally 25%, the same as domestic companies, over five years, according to the draft. The 15% rate will be retained until 2010 for foreign companies that invest in middle and western regions of China, an apparent effort by the government to redress regional economic imbalances. The regulations will include new criteria for high- and new-technology firms, which can enjoy a lower 15% rate. [www.sina.com.cn, 2007.11.19]
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4. SARFT issues a circular about urgent broadcasting on mobile multimedia broadcasting
Nov. 14, the State Administration of Radio, Film, and Television (SARFT) issues a circular about urgent broadcasting on mobile multimedia broadcasting. This new standard will be put into effect on Nov. 20. [www.qhnews.com, 2007.11.19]
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5. Official suggests to establish a fund supporting environmentally-friendly enterprises
Nov. 17, Sun Youhai, director of Legislative Department of Environmental Protection and Resources Conservation Committee, says at a forum that China should establish a fund to support environmentally-friendly enterprises in the stock market. [www.people.com.cn, 2007.11.19]
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6. Plan for joint increases in prices of coal and electricity to be implemented at the beginning of 2008
Starting Oct. 15, the price of electric power transfered from Guizhou and Yunnan to Guangdong province was raised by 1.5 cents (RMB) per KWh. Insiders forecast that the plan for joint increases in prices of coal and electricity will be implemented at the beginning of 2008. [www.china5e.com, 2007.11.19]
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7. International mineral giants visit Beijing consulting about policy change
Last week, the China Mining 2007 Forum was in Beijing. Many mineral giants visited the Ministry of Land and Resources to consult whether China's policy on mineral industry has changed. Dr. Noel C. White, exploration supervisor and director of the Canada-based Asia Now Resources Corp., says China's new policy has influenced the stock prices of several mineral companies. China will bar foreign companies from investing in or exploring major non-renewable mineral resources, according to a policy statement issued by the Ministry of Commerce and the National Development and Reform Commission (NDRC). [www.china5e.com, 2007.11.19]
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8. PetroChina and Sinopec embroiled in Hong Kong underground banking case
Two Shenzhen companies under Chinese energy giants PetroChina and Sinopec have become embroiled in the case of the $4.3b underground bank run by Hong Kong businesswoman Du Ling. Both companies have been accused of receiving oil payments from numerous Hong Kong companies through this illegal fund transfer channel and are currently under investigation. BP is mentioned. [www.china5e.com, 2007.11.19]
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9. A harmonious society needs enterprises which are socially responsible
The Research Center of Shanghai Stock Exchange has published a report about the how socialy responsible domestically- listed companies are. Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), says a harmonious society needs enterprises which are socially responsible. [www.cctv.com.cn, 2007.11.19]
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10. China must encourage private firms to borrow for overseas investment
China needs to encourage private enterprises to borrow foreign exchange to invest abroad, the official China Securities Journal reported, citing Cheng Siwei, vice chairman of China's national parliament. Cheng said China should promote outbound investment, estimated at $70b to date, by allowing the country's private enterprises to borrow foreign exchange using yuan assets as collateral. Private enterprises will "play an important role" in developing China's external investment policy, which currently includes the new sovereign investment fund and channels allowing individuals to invest in capital markets overseas. [www.163.com, 2007.11.19]
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11. World Bank official: private economy has become a key engine of China's growth
Nov. 17, the Fifth China Investment Climate Forum was held in Chengdu, Sichuan province. One of the focuses of this forum is to discuss how the local governments should redefine themselves to increase city competitiveness and improve the investment climate. David Dollar, the World Bank country director of China, delivers a speech at the forum. He says the private economy has become a key engine of China's growth. In China, to set up a business is a complicated procedure and involves various different government agencies. In many cities, the information systems in different departments are separated, and investors need to submit the same information repeatedly. Usually, investors need to go to the same department several times since no clear guidance is provided. David Dollar cited Chengdu as a good example as a service center, where officials from different agencies work together so as to provide efficient service for potential investors. [www.163.com, 2007.11.19]
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12. Sino-US biofuel agreement in the works
China and the US are working on a pact to promote use of ethanol and other biofuels to reduce greenhouse gas emissions and could announce an agreement as early as next month, an American official said Friday (Nov. 16). The agreement would call for cooperation in research, producing crops for fuel and other areas, said Alexander Karsner, an assistant US energy secretary. He was in Beijing for talks with Chinese officials on promoting use of renewable energy sources. [China Business News, 2007.11.19]
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