China Economic News

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Added On May 21, 2019

 Now Let's take a look at some economic news in China.

 
TITLE:CHINA TO FURTHER OPEN UP FINANCIAL SECTOR
 
China's central bank said the country has made remarkable progress in opening up its financial sector and will continue to do so.
 
In an article posted on its website, the People's Bank of China said the country will adopt an approach of pre-establishment national treatment with a negative list, and pursue coordinated progress in financial opening-up, the reform in exchange rate formation mechanism and the process of advancing capital account convertibility.
 
The central bank said, as the country enters a new era of development, further opening up its financial sector is a path the country must follow to integrate into the global economy.
 
TITLE: WEST CHINA TRADE FAIR CONCLUDES WITH RECORD DEALS
 
A major trade and investment fair in southwest China's Chongqing Municipality concluded on Sunday.
 
The event has witnessed the signing of 271 deals, worth about 79.5 billion U.S. dollars.
 
The Western China International Fair attracted nearly 70,000 participants from 95 countries and regions, including 300 Fortune 500 enterprises.
 
TITLE: VAT CUTS BENEFIT IMPORT ENTERPRISES
China's import enterprises saw their tax burden significantly reduced last month as the country lowered value-added tax (VAT) rates to further lighten the financial pressure of enterprises.
 
According to China's customs authority, starting April 1, taxpayers previously subject to the 16-percent VAT rate on their imported goods would enjoy a 13-percent VAT rate, while those who were subject to the 10-percent VAT rate would only need to pay 9 percent.
 
According to the customs' earlier estimates, the total VAT reduction in imports is expected to reach around 33.5 billion U.S. dollars this year.