Chinese officials may instate a property tax on a trial basis in the next two or three years, according to a source within the Ministry of Finance. A future tax may be rolled out in Beijing, Chongqing, Guangzhou and Shanghai, and spread to the rest of the country after the incipient phase. The tax may [...]
The China’s Ministry of Finance said it would consider raising mandatory profit payout ratios for state-owned enterprises (SOEs). In a circular, the Ministry said companies under direct central government control – which since 2008 have been required to pay a portion of after-tax profits to the central government under provisional rules – would be required [...]
China’s Ministry of Finance changed the way it accounts for government spending so that the spending deficit for 2010 remains below 3% of GDP. The change, which shifts spending from one year to another, was disclosed in a ministry report. It does not imply a fundamental change in the state of government finances but reflects [...]
China Southern Airlines may receive a $220 million cash injection from the government. Trading of the company’s stock was halted in Hong Kong and Shanghai from today for no more than ten days while airline determined how to use the funds. According to a statement to the Shanghai Stock Exchange, the funds would be allocated [...]
China’s Ministry of Finance is planning to increase its holding in Bank of Communications (BoCom) when the bank issues new shares in order to replenish its capital base. A source close to the ministry said that following regulatory approval for the new share issue, the Ministry of Finance would buy a stake but the size [...]
Premier Wen Jiabao will head a newly established “super ministry,” the National Energy Commission (NEC), with vice-Premier Li Keqiang as deputy. The new government agency has been set up to “take charge of the country’s energy policy for better coordination in formulating strategy and planning development” and will include members representing the National Development and [...]
China state-owned enterprises have suffered a 20% drop in profits since last year. China’s Ministry of Finance published statistics that showed that the combined profit earned SOEs between January and August has dropped to RMB813.51 billion (US$119.16 billion), 20% down from the first eight months of 2008. The MoF did not reveal how much SOEs had [...]
China will market renminbi-denominated sovereign bonds to foreign investors for the first time this month. The Ministry of Finance said it would introduce RMB6 billion (US$879 million) worth of bonds in Hong Kong on September 28 in order to boost the international status of the renminbi and help Chinese companies raise funds in the offshore [...]
China launched a plan to offer significant subsidies to independent solar power projects. The move is aimed at boosting the country’s solar energy sector and could draw more than US$10 billion in private funding, putting China on track to become a leading market for solar equipment in the next couple of years. The Ministry of [...]
China’s fiscal revenue rose by 19.6% year-on-year to US$100.5 billion in June due to ‘positive changes’ in China’s economy. The Ministry of Finance said on Monday that spending rose by 21.5% year-on-year to US$93.7 billion, resulting in a surplus of US$6.6 billion. The ministry said the main reasons for the growth in revenue were an [...]
