China's economy is the key for many investors. Photo: iStock

China’s Ministry of Commerce (MoC) issued a set of new rules on handling complaints from foreign-invested enterprises, which will come into force on October 1, to improve the foreign investment complaint system.

The rules consist of five chapters and 33 articles, further refining the relevant requirements of the foreign investment law and its implementing regulations.

The new rules broaden the scope of complaints, making it clear that foreign-invested enterprises and foreign investors may apply to the complaint agencies for solutions to their legitimate rights and interests being infringed upon by administrative acts, or report problems to the complaint agencies in the investment environment and suggest improving relevant policies and measures.

Business associations can also report investment climate issues to complaint agencies.

The rules also improve the working mechanism for complaints, clarify the procedures and strengthen the protection of the rights and interests of foreign investors.

China put into effect the landmark foreign investment law on January 1, 2020, providing institutional protection for the interests of foreign investors.

Resource tax law

China’s resource tax law will come into effect on Tuesday, aimed at promoting the conservation of natural resources and intensifying the protection of the ecology and environment.

The new law, based on the provisional regulations on resource tax, introduces unified tax items, clarifies the authorization for determining tax rates and standardizes tax reduction and exemption policies, said Bu Xiang, a senior official with the State Taxation Administration.

It comprises 164 tax items that cover all discovered minerals and salts and sets tax rates in categories in an effort to streamline tax declarations.

Under the law, tax authorities and related departments must establish cooperation mechanisms to enhance the management of levying the resource tax, while safeguarding the legitimate rights and interests of taxpayers.

Greater Bay Area

Singapore and China’s southern Guangdong will emerge from the Covid-19 pandemic stronger, and the Guangdong-Hong Kong-Macao Greater Bay Area will remain a key market for Singapore companies, according to a joint statement released by the governments in the two places.

Singapore and the Guangdong-Hong Kong-Macao Greater Bay Area said they will strengthen cooperation by keeping economies open, enhancing the business environment and upholding supply chain connectivity.

The 11th Singapore-Guangdong Collaboration Council meeting was held over video-conference in Singapore and Guangzhou, co-chaired by Guangdong’s governor Ma Xingrui and Singapore’s Minister for Transport Ong Ye Kung.

Guangxi’s free trade zone

The number of newly registered enterprises in the pilot free trade zone (FTZ) of south China’s Guangxi Zhuang Autonomous Region has reached 10,561 over the past year, the FTZ said on Monday.

Two new pilot FTZs in Guangxi and neighboring Yunnan Province were launched on August 30 last year, marking the first time China set up pilot FTZs in border regions.

Among the newly registered enterprises are 85 foreign-funded enterprises, with actualized use of foreign investment of more than US$140 million.

Guangxi’s pilot FTZ focuses on modern financial services, smart logistics, the digital economy, emerging manufacturing industries, port shipping logistics, international trade, components of new energy vehicles and cross-border tourism.

Parcel delivery 

The number of parcels delivered this year reached 10 billion in the first eight months of this year, up 29% year on year, in east China’s Zhejiang Province, home to e-commerce giant Alibaba.

Hit by the Covid-19 epidemic, Zhejiang’s courier delivery dropped 19.7% year on year in January and 7.5% in February by volume, said Chen Kai, head of the administration.

The rebound appeared in March and May and saw explosive growth, with the delivery volume exceeding that of last November, the month of the Singles’ Day shopping event, which is the largest shopping festival both online and offline in China and similar to Black Friday and Cyber Monday.

The stories were written by Xu Jiangshan and first published at ATimesCN.com. They were translated by Nadeem Xu.

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