China will impose measures on controlling coal prices, said Lian Weiliang, Deputy Director of the National Development and Reform Commission (NDRC), in a report on industry website Sxcoal.com on Thursday evening. Lian said the price falling below 370 yuan per ton (US$43.57 per ton) will not happen again. The industry is concerned the coal price might drop again to lower than 370 yuan per ton and that it should be between 500 yuan per ton and 600 yuan per ton.
Senior party members investigated for corruption during the Sixth Plenum: Wang Qishan
Two senior party members were on “special leave” during the Sixth Plenum,” said Wang Qishan, Secretary of the Central Commission for Discipline Inspection in a Caixin report on Thursday evening, citing the November 30 edition of the Qiushi journal. The departments under a member of the Central Committee of the Communist Party of China and another member of China’s highest body for party discipline had “systematic corruption,” said Wang. The party members were investigated for corruption, said Qiushi, which is the main journal of the Central Party School. Their names were not disclosed.
Cooperation measures set up in Yangtze river economic zone provinces: NDRC
A mechanism of cooperation has been established in provinces from the Yangtze river economic zone, YiCai reported on Thursday, citing the NDRC website. Ecological restoration, interconnecting infrastructure and boosting economic development are highlighted areas.
Tax exemptions for mainland investors in Hong Kong Shenzhen Stock Connect
Individual investors from mainland China buying shares in Hong Kong through the Stock Connect will be exempt from paying personal income tax on the profits made in the next three years, said a Caixin report, citing a China Securities Regulatory Commission note issued on Thursday afternoon. Investors will have to pay 20% tax on dividends but are exempted from VAT, the report said.
More savings for companies under tax reforms
Some 776 billion yuan in tax and fee reductions are expected in 2017, said a YiCai report on Friday, citing Premier Li Keqiang. Li said in a regular State Council meeting that the cuts have come to 600 billion yuan this year. The government plans to complete the introduction of a value-added tax that replaces the business tax in 2017. Companies will save 126 billion yuan from lower social security fees, the report said.
Shanxi meets coal reduction target early
Shanxi province has fulfilled the government target of cutting coal capacity by 23.25 million tonnes one month before schedule, ranking it first among other provinces on the amount of overcapacity reduced, The Paper reported on Friday. It said 25 mines were shut down or restructured and 20,166 workers were resettled.
Huawei makes breakthrough in lithium-ion battery technology
Huawei has produced the first graphene and lithium-ion combined battery that is long lasting at high temperatures in an industry first, Shanghai Securities Journal reported on Thursday evening. The battery life is double that of a normal lithium-ion battery.