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STATE-OWNED ENTERPRISES

SASAC to Pressure COE to be more Transparent

The State-owned Assets Supervision and Administration Commission, the central government body charged with regulating China's large centrally-controlled state-owned enterprises(COE), replied to a National Audit Office report published on Friday revealing details of financial irregularities at some of the country's largest state-owned companies, by pledging to improve management of the country's CO...

The Beijing News | 2011-05-23

TRANSPARENCY

10 Government Departments Yet to Publish Budget

88 of China's 98 central government departments had published their budgets as of May 20, the Ministry of Finance announced on Saturday, an increase on the 75 departments that published budget figures last year. The publication of budgets by some departments has also been more detailed this year, the Ministry of Finance acknowledged. The ministry also revealed that all central government departmen...

Securities Daily | 2011-05-23

INVESTMENT

Plan to Allow Shanghai Residents to Invest Abroad

A vice director of the Shanghai Municipal Government's Financial Service Office, told attendees at this past weekend's Liujiazui Forum that according to a proposal submitted to the State Council last year, individual investors might soon be permitted to make overseas investments in property, enterprises and immigration-related investments. The proposal would allow the investments to be made in for...

Guangzhou Daily | 2011-05-23

TAX

Personal Income Tax Will Not be Altered According to Region

At the Liujiazui Forum held in Shanghai over the weeked, Cong Ming, director of the Tax Policy and Legislation Department of the State Administration of Taxation (SAT), told attendees that China's tax bureau was not considering any plan to levy personal income tax at variable levels in different parts of the country. Draft amendements to the personal income tax law that were expected to be passed ...

China Securities Journal | 2011-05-23

ADVERTISING

Outdoor Billboards Removed in Urumqi

In preperation for the upcoming China-Asia-Europe Exposition which is to be held in Urumqi this September, the Urumqi Administrative Law Enforcement Bureau issued an announcement on May 11 ordering advertising agencies to dismantle any outdoor billboards that are considered to have a negative impact on the city's image before a set deadline. The take-down notice even applies to those billboards th...

China Youth Online | 2011-05-20

POWER

State Grid Denies Charges of Squeezing Profits at Power Plants

Shu Yinbiao, deputy director of the State Grid Cooperation of China, said at a conference yesterday that the current power shortages are mainly due to the gap between supply and demand, denying suggestions that State Grid may have earned excessive profits by charging energy producers too much in transmission fees. According to Shu, the company's profits of 40 billion yuan in 2010, were not that mu...

Beijing Times | 2011-05-20

TAX

Beijing May Introduce Property Tax Reform in Second Half of 2011

After pilot property tax programs were launched in Shanghai and Chongqing in earlier this year, rumors now suggest that Beijing could be the next city to introduce a property tax as soon as the second half of this year. Insiders say that the city's government is considering introducing a property tax in order limit demand for high-end housing and contribute to the stable development of the city's ...

China Securities Journal | 2011-05-20