1. Ministry of Finance and State Administration of Taxation: farm land and land for water utilization projects will be subject to land occupancy tax
March 13, the Ministry of Finance publishes an announcement saying a detailed regulation about a farm land occupancy tax has been approved by the Ministry of Finance and the State Administration of Taxation. It is put into effect upon publication. Farm land and the land for water utilization projects will be subject to a land occupancy tax. [www.sohu.com, 2008.03.14]
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2. Rio Tinto tips iron ore pricing change
Following a speech at the AJM Global Iron & Steel Conference in Perth, Rio Tinto Iron Ore Chief Executive Sam Walsh told reporters that a settlement did not appear imminent but the price could be higher than the Vale benchmark. Chinese steel makers, the largest buyers of iron ore, have rejected Rio's demand for a bigger increase. Spot prices rose to a record level last week and are trading at more than four times the contract price because of rising shipping costs and demand. [www.sohu.com, 2008.03.14]
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3. Dubai lifts customs duties
Dubai has eliminated import duties on cement and steel 'until further notice' to help stabilize the price of building materials, reported Gulf News. The decree, issued by UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum, also allows all contractors and real estate developers to import these two materials without restrictions. This is a good news for Chinese exporters. [www.sohu.com, 2008.03.14]
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4. Goldman Sachs explains the reasons of China's inflation
March 12, Goldman Sachs issues a report about China's inflation. In a country where bouts of inflation have triggered social unrest, the jump in China's inflation rate to a 12-year high of 8.7% in Feb. is cause for concern. But economists are sharply divided on the cause of this inflation and the degree to which policy needs to be tightened. The People's Bank of China (PBOC) is expected soon to lift interest rates and banks' reserve requirements once again. Some people fear a repeat of 1987-88 or 1993-94 when high inflation forced the government to tighten monetary policy sharply, causing a hard economic landing. [www.sohu.com, 2008.03.14]
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5. China's sci-tech development plan in progress; projects focus on economic and civil life
China's Minister of Science and Technology Wan Gang said on Thursday (March 13) that the medium- and long-term plan for scientific and technological development has been "progressing smoothly" since 2006. A number of major projects, such as large planes, nuclear power and water pollution treatment and control, major new medicines and next-generation mobile communication, have been launched and the others are expected to start later this year, Wan said at a press conference on the sidelines of the annual sessions of the national legislature and the top political advisory body. [www.sohu.com, 2008.03.14]
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6. Chen Xiwen thinks that China needs to stop grain exports
Chen Xiwen, a member of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and director of the Central Rural Work Leading Group, tells the China Business News that it is hard for the Chinese government to stabilize grain prices and grain production this year. According to statistics from the Ministry of Civil Affairs, about 25.3m mu of farm land would have no harvest this year affected by the snow disaster in South China. He thinks that China needs to stop grain exports. [www.sohu.com, 2008.03.14]
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7. Kraft's labor union will negotiate with Kraft about signing a collective contract next Monday (March 17)
Kraft Foods (China) Co. has been accused of violating the country's new labor law by deciding to shift its headquarters from Beijing to Shanghai without consulting employees. March 13, Chen Baoqing, chairman of the company's labor union, says Kraft's labor union will negotiate with Kraft about signing a collective contract next Monday (March 17). [www.sina.com.cn, 2008.03.14]
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8. Standard Chartered forecasts over $20b in unidentified foreign exchange flew into mainland China in Jan.
Stephen Green, senior economist at Standard Chartered Bank China, forecasts China's foreign exchange reserves saw growth of over $60b in Jan., including unidentified foreign exchange of around $29b. Stephen Green thinks the inflows of this sum of unidentified foreign exchange may be related to the soaring increase in foreign exchange loans and interest arbitrage transactions. [www.sina.com.cn, 2008.03.14]
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9. Wu Guanghui proposes draft of law on aeronautical industry
Wu Guanghui, director of the First Aircraft Institute of AVIC I, is also a CPPCC member. Wu proposes drafting a law on the aeronautical industry to insure the progress of China's large aircraft project. [www.qq.com, 2008.03.14]
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10. China strengthens domestic flight security, bans liquids
China will enact more stringent safety measures to secure flight safety ahead of and during the Olympic Games period, the General Administration of Civil Aviation of China (CAAC) said on Thursday (March 13). "Passengers flying domestically are forbidden to carry liquids. Staff members of airports will open more bags and cases for security check," said the CAAC in a statement. The CAAC said it would soon issue a notice on the details of the ban on carrying liquids on board. Existing easy-boarding VIP services in which passengers can pay for priority boarding would be cancelled. "All vehicles allowed to get into the controlled zones of the airports must go through stringent security checks," according to the statement. The CAAC said the move was to ensure passenger security, the top priority of airlines and airports. [www.jrj.com.cn, 2008.03.14]
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11. Tax on rental income from housing will be lowered starting March
A circular about lowering taxes on income from renting residential property has been issued by the State Council. This circular is put into effect on March 1. The tax rate will be 10%. [www.21cn.com, 2008.03.14]
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