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TAX

First Home Buyers Will Be Exempt from Property Tax

The rumored property tax will not affect tax payers' first home purchase, according to Jia Kang, director of the Financial Science Research Institute of the Ministry of Finance. He went on to say that the property tax will be issued in the coming year.

The Beijing Times | 2010-10-25

SINO-JAPANESE RELATIONS

China Withdraws from Tokyo International Film Festival

The head of China’s delegation, Jiang Ping, deputy president of China Film Group Corporation, announced China’s withdrawal from the Tokyo International Film Festival after the festival organizer refused to list Taiwan as a part of China. Jiang Ping stated at a press conference in Tokyo, “There is only one China, and Taiwan is a part of it.”

The Beijing Times | 2010-10-25

FOREIGN ENTERPRISE TAX

Foreign Companies to Pay Urban Maintenance and Construction Tax, Education Tax

According to a notice released by the Ministry of Finance, foreign companies will be required to pay an urban maintenance and construction tax and an additional education tax starting December 1st. For the last 20 years, only Chinese companies have been required to pay the two taxes.

Beijing Daily | 2010-10-22

REAL ESTATE

Housing Price Predicted to Plummet 20%

The Chinese Academy of Social Science has released a report predicting that China’s housing prices will begin to fall in the fourth quarter of this year. The biggest drop predicted is 20%.

Guangzhou Daily | 2010-10-22

STANDARD OF LIVING

National Bureau of Statistics: Standard of Living Has Fallen

The current Engel Index has increased from 37% to around 40%. Since people need to spend more on food and staples, their standard of living has decreased, said Sheng Laiyun, spokesmen of the National Bureau of Statistics, yesterday.

Guangzhou Daily | 2010-10-22

ECONOMY

Expanding Domestic Demand Becomes Top Priority in 12th Five-Year Plan

Expanding domestic demand is number one on the list of top ten priorities of China’s 12th Five-Year Plan, says Pan Shengzhou, vice director of the CPC Central Committee Policy Research Office. This is the first time expanding domestic demand will occupy an independent chapter in the five-year plan.

China Finance Information | 2010-10-22

MINING

China Intends to Promote New Pricing Mechanism for Iron Ore

China is negotiating with the three international mining giants, BHP, Rio Tinto, and Vale to promote a new pricing system of iron ore, Luo Bingsheng, executive deputy chairman of the China Iron and Steel Association (CISA) said yesterday. He also said that weak points exist in the current quarterly-index pricing system proposed by the three international mining companies.

Oriental Morning Post | 2010-10-22