China will slap on a 10% sales tax on luxury cars starting in December, YiCai reported citing a notice issued by the State Administration of Taxation on Tuesday. According to the notice, the new rule is for guiding rational consumption and reducing green house gas emissions. The State Council has approved the change.
Property overvalued in 35 Chinese cities
China’s 35 big cities have overvalue problems in housing properties, YiCai reported on Wednesday afternoon citing a report published by the National Academy of Economic Strategy. First-tier cities with housing restriction orders are facing more risks. The top three cities with overvalue problems are Shenzhen, Xiamen and Shanghai, the report said.
18 transport infrastructure projects for Beijing
Beijing plans to start 18 transport infrastructure projects in 2017 to improve travel from outlying cities such as Chengde and Tangshan to the capital’s central business district, the cnstock website reported on Wednesday afternoon.
Bonds worth 37.8 billion yuan approved in November
The National Development and Reform Commission has approved the issue of 28 bonds worth 37.8 billion yuan (US $548.8 million dollars) in November, the Securities Daily reported on Thursday. Some 36% of them, worth 13.6 billion yuan, are aimed at raising funds for civil utility construction projects, work in the elderly care industry, innovation and start-up incubation, the report said.
China’s financial stability to be assessed in 2017
China has maintained a stable economy and gained some progress in economic reform said Fan Yifei, a deputy director of the People’s Bank of China in a report by Sina Finance on Wednesday night. Fan made the remarks in a meeting to kick off the Financial Sector Assessment Program in China. The program is a framework to assess a country’s financial stability developed by the International Monetary Fund and the World Bank. China will be assess for the second time in 2017.
500b yuan in tax cuts expected by year’s end
The pilot project of changing business tax to value-added tax in the finance, construction, real estate and consumer service industries since May has helped to cut taxes totalling at 96.5 billion yuan, said the Securities Daily citing Xinhua news agency on Thursday. The cuts are expected to reach over 500 billion yuan by the end of this year. Some value-added tax paid to the central government will be returned to the local administration, the report said.
Foresea Life Insurance raises stake in Gree Electric
Foresea Life Insurance increased its stake in Gree Electric to 4.13% from 0.99% from November 17 to November 28, said Caixin, citing a company statement to the Shenzhen Stock Exchange on Wednesday evening. Foresea Life Insurance is a subsidiary of Baoneng Group, a private conglomerate. The source of funding for Foresea’s new purchase is unknown, the report said. Previously it had used funds from an investment-linked insurance product to buy its 0.99% stake in Gree, the report said.
Debt not in the form of bonds to be included in local government budgets: Finance Ministry
The Finance Ministry emphasized that local government debt, especially not in the form of bonds, is to be included in local government’s budgets, a Caixin report said on Wednesday evening. The move is to enhance transparency and better management of local government debt, the report said. Local government debt stands at 15.4 trillion yuan at the end of 2014, it said.