Guangdong Brings Back May Golden Week Holidays
Mar. 26 – The Guangdong government announced that it would bring back the May Day golden week holiday by advancing the following Saturday and Sunday and adding two days from the resident’s annual paid holiday to the three-day vacation from May 1 to 3. It is the first province to be allowed to change holiday […]
Hong Kong, Mainland to Connect Payment Network
Mar. 13 – Beginning March 16, Hong Kong and the rest of the mainland will link their foreign-currency payment and clearing systems to reduce cross-border payment risks and costs. Mainland Chinese banks can now make cross-border payments and settlements in Hong Kong dollars, United States dollars, euros and pounds through the network. More currencies will […]
New Regulation for Company Chops in Shenzhen
SHENZHEN, Mar. 11 – For companies in Shenzhen that are looking to change or report the loss of their company chop, legal representatives are now required to appear and file the application in person. In the past, this could be done through power of attorney. Prior to notifying authorities about the loss of the documents […]
Guangdong Supports Foreign-Funded Businesses
Mar. 10 – The provincial government of Guangdong has implemented measures to help Hong Kong, Macau and Taiwanese-funded companies deal with the slowing global economy. The latter combined comprise of sixty four percent of the 91,000 foreign-funded companies in the province. The support will include the following to name a few: a.) The provincial government […]
China to Eventually Abolish Export Tax
Mar. 9 – China will eventually cut export-related taxes to zero and offer financial help for struggling exporters, the commerce minister said in an interview. The Commerce Minister Chen Deming told the Study Times newspaper, the government would “according to international rules steadily restore zero tax rates for export products,” as well as ensure high-energy […]
China Announces Plan to Renovate Rural Housing
Mar. 9 – China will implement a large scale plan to renovate dilapidated houses in rural areas to improve quality of living, create jobs and increase domestic demand, according to reports. The vice minister of Housing and Urban-Rural Development, Qi Ji, told Xinhua during the ongoing annual parliament session that China will rebuild 800,000 rural […]
Proposal for Hong Kong, Shenzhen FTZ Submitted
Mar. 6 – Members of the 11th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) have submitted a proposal for a free trade zone between Hong Kong and Guangdong Province’s Shenzhen. The proposal was written by CPPCC National Committee member, Li Guikang, with political advisors Huang Chubiao and Zhang Guoliang. It outlines a […]
AmCham South China Launches Special Report
GUANGZHOU, Mar. 4 – The American Chamber of Commerce in South China launched its annual, 2009 Special Report on the State of Business in South China, compiled in cooperation with Hewitt Associates and Dezan Shira & Associates. The report provides an overview of the economy of Southern China, its progress and development and the challenges […]