MAINLAND CHINA

Guangdong Issues GBA Guidance for Import of Hong Kong-Registered Medicines

14 July 2022

According to guidance issued by Guangdong, steps have been taken to facilitate the import of Hong Kong and Macao-registered medicines and medical devices for urgent clinical use by mainland healthcare institutions and patients in the Greater Bay Area (GBA). More

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Small Businesses May Defer Employee Health Insurance Premium Payments

14 July 2022

The Chinese government is implementing a policy of allowing micro, small and medium-sized enterprises (MSMEs) to defer payment of health insurance premiums for employees. Starting from July, MSMEs and self-employed businesses in qualifying areas are allowed to defer employee health insurance premium payments for three months. Late fees will not be charged during this period. More

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Lingang Incentivises Innovation in Yangshan Zone

14 July 2022

The Lingang New Area in Shanghai has offered an incentive package for enterprises whose place of registration and place of fiscal account management is in the Yangshan Special Comprehensive Bonded Zone. More

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China’s Revised Anti-Monopoly Law to Take Effect in August

14 July 2022

The National People’s Congress Standing Committee voted at a recent meeting to revise the Anti-Monopoly Law. The revised legislation raises the maximum fines that can be levied on companies and individuals for violations and will come into force on 1 August. More

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China to Revitalise Stock Assets and Expand Effective Investment

14 July 2022

The National Development and Reform Commission recently announced that it will support the participation of financial asset management companies, investment companies, state capital funds and other investment vehicles in the revitalisation of stock assets. It encourages all financial institutions to provide financing for new projects and to help in the revitalisation of state-owned assets. More

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China Prioritises Boosting Employment and Consumption Levels

14 July 2022

New measures designed to boost employment and consumption levels are to be introduced across mainland China, according to a resolution passed by the State Council at its 13 July executive meeting. During the same session, new strategic measures geared to promoting the uptake of green and smart home appliances were also formally ratified. More

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China Offers VAT Credit Refunds to Coal-Fired Power Plants

14 July 2022

In order to stabilise energy supplies, steps are to be taken to improve VAT credit refund procedures for coal-fired power generating plants using imported coal as fuel, according to a notice issued recently by the Ministry of Finance and the State Taxation Administration. More

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Yangtze River Delta Businesses Re-open as Mainland China’s Economy Regains Momentum

11 July 2022

Recent Covid-19 outbreaks throughout mainland China are gradually subsiding. The YRD region is a major economic powerhouse that has stepped up the resumption of economic activities since June. Hong Kong-based businesses would do well to promptly reposition their market development strategies and consider working with import platforms to capitalise on opportunities in China’s post-pandemic domestic market. More

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China Simplifies Electronic Business Licence Applications

08 July 2022

Electronic business licences are to be used on a broader scale in China, including for accessing markets and financing, and paying taxes. The move is part of efforts to reform government functions and develop digital government, according to a resolution made at the State Council executive meeting of 6 July. More

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Guangzhou Rolls Out 152 Economic Stabilisation Measures

08 July 2022

Guangzhou recently rolled out 152 policies and measures to stabilise the local economy. These include policies to extend value-added tax credit refunds, make better use of government financing guarantees, defer social insurance premium payments, increase support for inclusive credit loans to micro and small businesses, and further the resumption of work and production by enterprises. More

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