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TAX
China Earned 7.73 Trillion Yuan in Tax Revenue in 2010
The Chinese government has reported 7.73 trillion yuan in tax revenue in 2010, exacerbating public demand for tax reductions. The year-on-year growth rates of value-added tax (VAT), consumption tax, and sales tax were 14.8%, 27.5% and 23.8%, respectively. The growth rate of personal income tax was 20.4%. SourceChina National Radio Google Translation
China National Radio | 2011-01-10
PRICES
Stabilizing Prices a Top Priority for the Central Bank
The central bank’s annual work meeting has set stabilizing commodity prices as its top priority this year. The meeting also established a deposit insurance reserve fund. Financial institutions will be required to pay a deposit insurance fee; the collected funds will be used to aid institutions facing crisis and bankruptcy. SourceThe Beijing News Google Translation
The Beijing News | 2011-01-07
LAND
China to Reform Procedures for Public Land Sales
The Ministry of Land and Resources has drafted a reform proposal for sales of state-owned land. The new policy will focus on cutting the number of land auctions, a practice criticized for inflating land values and causing prices to surge. Source21st Century Business Herald Google Translation
21st Century Business Herald | 2011-01-07
BANKS
Banks Refuse to Provide Rebates for Qilu Bills
Individual banks still refuse to provide rebates for bills issued by Qilu Bank, despite the bank’s favorable end of the year reports. Shandong Qilu bank has been under investigation for releasing fraudulent bills. The bank reported total profits of 1.38 billion yuan, a 30% year on year increase, in 2010. SourceThe Beijing Times Google Translation
The Beijing Times | 2011-01-07
INVEST
China to Invest 500 Billion Yuan in Ultra-High Voltage Grids
China plans to invest more than 500 billion yuan in constructing a system of UHV AC and UHV DC grids in the coming five years, according to Liu Zhenya, general manager of the UHV Grid Extension Project. According to Liu, the total length of China’s UHV transmission lines will reach 40,000 kilometers. Source China Securities Journal Google Translation
China Securities Journal | 2011-01-07
MEDIA
Reporter Detained After Trying to Photograph Collapsed Stadium in Inner Mongolia
A reporter with China National Radio's "The Sounds of China" channel was detained for more than two hours by police in the Inner Mongolian city of Ordos on the morning of Jan 6, after attempting to take photos of a stadium that collapsed less than six months after it was completed.
China National Radio | 2011-01-06
COEs
“CIC No 2” Hopes to List 16 COEs on A-Share Market in 2011
The Guoxin Asset Management Corporation, also known as “CIC No 2”, will support 16 centrally-owned enterprises (COEs) to be listed on the A-share market in 2011, a reporter from the China Securities Journal Learned from an anonymous source.
China Securities Journal | 2011-01-06
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