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China’s recent business tax cuts worth USD147bn this year

Bangladesh frozen food exporters seek tax cut in upcoming budget

BEIJING: Recent tax cuts have reduced the corporate tax burden by CNY1 trillion this year in China, Chinese Premier Li Keqiang said. This is considerably more than in recent years, with the tax reduction most notably due to the introduction of China’s new value-added tax regime. Businesses saw savings worth CNY2 trillion during the four years between 2013 and 2016. ... Read More »

Eskom signs $1.5 bln loan from china development bank


BEIJING: Eskom on Thursday signed a $1.5billion (R20bn) loan agreement with the China Development Bank (CDB) to assist it with the financing of the Medupi power station in Lephalale, Limpopo. The deal comes as the power utility battles a spate of problems that has seen two of its most senior leaders leave and a downgrade by ratings agencies. Eskom acting ... Read More »

China smashes drinks smuggling case worth 74 mln USD


XINHUA: Tianjin Customs in north China announced on Wednesday that it has smashed a smuggling case involving some 5 million liters of wine, beers and mineral water. It was estimated that the drinks involved were worth nearly 500 million yuan(about 74 million U.S. dollars). Tianjin Customs found that a Beijing company’s prices were much lower than the market average at ... Read More »

China trade with North Korea up but imports off sharply

enhance trade relations

BEIJING: China’s total trade with North Korea has risen despite Beijing’s promise to enforce U.N. sanctions over its nuclear program, but Chinese purchases of North Korean goods have fallen sharply. Customs data show total Chinese-North Korean trade in the first five months of this year rose 15 percent from a year earlier. That is less than the 36.8 percent figure ... Read More »

Customs seizes fake pharmaceuticals from China


BEIJING: Customs authorities recently confiscated a package of drugs from China containing two banned pharmaceutical products disguised as a Japanese brand of capsules for constipation, the Food and Drug Administration (FDA) said Wednesday. The medicine looks almost the same as the genuine product, but contains a combination of banned sibutramine and phenolphthalein, which are carcinogenic and could be fatal to ... Read More »

China’s economy stable amid complex conditions, central bank says


BEIJING: China’s central bank said the economy and financial markets are generally stable, though the environment is still “complex”, adding separately that risk prevention should be given greater emphasis. The People’s Bank of China also said the recovery in major developed nations is continuing, according to a statement released on Tuesday after a meeting of the advisory monetary policy committee ... Read More »

China establishes 3% value added tax on asset managers, effective Jan 1

Stacks of coins with the letters VAT isolated on white background

BEIJING: China’s asset managers will face a new 3 per cent value-added tax (VAT) for returns on assets under management from January 1, 2018, enjoying another half-year reprieve on top of a 14-month grace period that expired at the end of June, according to a joint notice from the Ministry of Finance and State Administration of Taxation on Friday. Under ... Read More »

China’s forestry trade volume grows 10.8% in H1

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BEIJING: China’s forestry trade volume reached $70.97 billion in the first half of this year, up 10.8 percent year on year, official data showed Monday. Total value of the forestry sector’s output reached 2.77 trillion yuan, up 7.4 percent year on year, according to the State Forestry Administration (SFA). China’s forest parks saw about 700 million visits in the first ... Read More »

China central bank continues to suspend cash injections


BEIJING: China’s central bank Monday suspended open market operations for a seventh trading day in a row, citing a relatively high level of liquidity in the banking system. With 70 billion yuan (10.3 billion U.S. dollars) of reverse repos maturing on Monday, the same amount of cash was drained from the market by the People’s Bank of China (PBOC). Altogether ... Read More »

China’s consumer economy to add nearly two trillion dollars by 2021


BEIJING: China’s consumer economy is expected to continue to grow fast and may increase by 1.8 trillion U.S. dollars by 2021, according to a recent report. Even as overall economic growth eases, China’s consumer economy is benefiting from an emerging upper-middle-class and more affluent households, a younger population that is eager to spend, and e-commerce through digital channels, according to ... Read More »

Chinese cook convicted of smuggling African ivory


BEIJING: A former cook with a Chinese-led project in Africa was sentenced to four years behind bars on Monday for smuggling ivory worth 36,000 yuan ($5,295) into China. The smuggler, surnamed Liu, was also fined 40,000 yuan by Beijing Municipal No.4 Intermediate People’s Court, reported. He could have faced over five years in prison, but was reportedly treated with ... Read More »

Customs seizes smuggled medicines from India worth $1.9m

illegal medicine

JILIN: Changchun Customs reportedly tracked down 13 million yuan ($1.9 million) worth of illegal medicines that are smuggled from India through online Daigou stores. After four months of investigation, customs officers captured 12 suspects smuggling medicines from India and hunted down 303 boxes of cancer drugs including Sofosbuvir and Daklinza in March, according to a report on Changchun customs’ website ... Read More »

China customs mulls increasing checks on coal imports, impeding flow

china customs

BEIJING: Senior officials at China’s General Administration of Customs agency are meeting Tuesday to discuss plans to increase checks on seaborne cargo arrivals, a move a number of market sources say could slow down the flow of thermal coal imports into the country. The agenda for the top level meeting was said to include the possibility of intensifying customs checks ... Read More »

China, New Zealand to implement AEO customs agreement in July


SHANGHAI: China and New Zealand announced Tuesday a customs agreement on mutual Authorized Economic Operator (AEO) status to be implemented on July 1. The agreement will further boost bilateral trade and economic cooperation. Under the agreement, companies that obtain the AEO status in the two countries will enjoy simplified customs procedures, such as reduced examination or prioritized clearance, when they ... Read More »

China to ban coal imports at small ports from July 1


BEIJING: China will not allow coal imports at small ports from July 1, the state-run China Securities Times reported on Wednesday, in a move likely to tighten supply of the fuel during summer and support a further rally in prices. Coking coal futures in China <DJMcv1> soared almost 8 percent on Thursday. [IRONORE/] The newspaper did not cite the source ... Read More »

Shanghai customs finds over 1 ton of cocaine hidden inside shipment of frozen mackerel


SHANGHAI: When a shipment of 20 tons of “Pacific mackerel” arrived in Shanghai last November, customs officers thought that they smelled something fishy. Packed in the container along with the frozen fish was more than 1.1 tons of cocaine stuffed inside 276 cartons. The bust, which was only announced recently, is the biggest cocaine smuggling haul found by Chinese customs ... Read More »

China, Liberia sign first steel manufacturing deal


BEIJING: Liberia and a Chinese company signed Friday the first ever steel manufacturing agreement in the West African country in more than 169 years, heralding the end to the exportation of its rich unprocessed iron ores. The $200 million agreement was signed between Tidfore Investment Company and the Liberian government that was represented by President Ellen Johnson Sirleaf, Finance and ... Read More »

China’s imports from North Korea slump in may after coal ban

imports increased

BEIJING: China’s imports from North Korea dropped almost 32 percent in May to $123.75 million from a year earlier, after the world’s second-largest economy stopped buying coal from the regime in February in response to Pyongyang’s nuclear program. Shipments in the first five months of this year are down 10.7 percent to $722.1 million, according to China Customs data released ... Read More »

China May sugar imports up nearly 38% y/y

sugar imports

BEIJING: China imported 186,765 tonnes of sugar in May, up 37.88 percent from a year earlier, customs data showed on Friday. May imports were down slightly from last month’s 190,000 tonnes, according to data released by the General Administration of Customs. Imports in the first five months of the year rose to 1.27 million tonnes, up 31.9 percent from the ... Read More »

China crude-oil imports hit 2nd highest level ever

crude oil

BEIJING: China’s crude-oil imports rose to their second-highest level in May as refineries there were eager to capitalize on still-healthy refining margins amid low crude prices. Analysts say China’s ongoing effort to fill the nation’s strategic petroleum reserve also contributed to last month’s rise. In May, China imported 37.2 million tons of crude, marking a 15.4% jump from the same ... Read More »