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TAX

Concerns that Higher Rate of Shanghai’s New Property Tax Kicks In Too Low

The Shanghai government recently released more details about the specific rates at which it's newly announced pilot property tax will be collected. According to the plan, properties with a unit price of below 28,426 yuan per square meter will be taxed at a rate of 0.4%, while properties that have a market value higher than that amount, will be taxed at a rate of 0.6%. The tax will only be collecte...

Oriental Morning Post | 2011-02-24

FINANCE

Accounts of Guangzhou Asian Games to be Released at "Appropriate Time"

Guangzhou will publish the financial accounts of Asian Games at an "appropriate time," Zhang Jieming, director of Guangzhou's financial bureau told reporters yesterday. He went on to say that the games had barely "made ends meet," while Zhong Nanshan, a delegate to the National People's Congress - China's legislature - from Guangzhou, said debts of 210 billion yuan had been racked up by the southe...

Guangzhou Daily | 2011-02-24

PROPERTY

CBRC Denies Ordering Commercial Banks to Stop Lending to Property Developers

According to an anonymous source with the China Banking Regulatory Commission (CBRC), the regulator has not ordered commercial banks to stop issuing loans to property developers. The source said the any cut back in loans to the property sector is "merely a decision of those banks." China's commercial banks, including the largest four state-owned banks, have also denied that such a restriction has ...

Caijing | 2011-02-24

BONDS

Ministry of Railways Issues 10 Billion in Ultra-Short-Term Bonds

On February 22, the Ministry of Railways issued 180-day bonds worth 10 billion yuan for railway construction, equipment purchases, and operational purposes. This is the third time that the Ministry has issued bonds this year. The single interest rate bonds will be available through auctions. The Ministry of Railways is one of three institutions permitted to issue short-term bonds, the other two a...

21st Century Business Herald | 2011-02-23

STATE OWNED ENTERPRISES

SASAC: Profits of State-owned Enterprises to Be Invested in New Assets

Sao Ning, deputy director of the State-owned Asset Supervision and Administration Commission (SASAC) said that profits from state-owned enterprises will be invested in new assets. He also said that the net assets of centrally-owned enterprises (COEs) had increased by an annual rate of 15.6% in the past five years.

Southern Weekly | 2011-02-23

EDUCATION

Illegal Kindergartens Given Chance to Apply for Licenses

The Ministry of Education is issuing licenses to non-accredited kindergartens on the condition that they adjust standards to meet requirements. Li Tianshun, deputy director of the No. 2 section of the Ministry’s Primary Education Department, stated yesterday during a news briefing that he hopes the ministry will speed up improvements in preschool education.

The Beijing News | 2011-02-23

POLLUTION

State Council Approves Plan for Heavy Metal Pollution Prevention and Control

The State Council has approved the “12th Five-Year Plan for the Prevention and Control of Heavy Metal Pollutants.” China will reduce the amount of heavy metal emissions in major cities from to 2007 levels, and will strive for further reductions in rural areas. In 2007, China emitted 55.68 billion tons of contaminated water including 24.66 billion tons of industrial waste water and produced 1.76 bi...

Southern Weekly | 2011-02-23