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Insurance Service
China has vowed to improve insurance services to stimulate innovation and entrepreneurship. The insurance and social security systems will be integrated， making commercial insurance a major pillar of social security， according to a statement released after a meeting of the State Council， China’s cabinet， in July. Competent insurance companies are encouraged to roll out commercial pension and health care plans， to invest in the old-age pension industry， participate in the integration of the health sector and develop new products. Insurance will also be incorporated into the disaster and accident prevention and alleviation system. Insurance funds will be encouraged to invest in urbanization， infrastructure and residential renovations.
Tax Reduction
China has cut the value-added tax （VAT） rate to a flat 3 percent for many small businesses since July 1， said the Ministry of Finance. The previous rates of 4 percent and 6 percent were eliminated to make the tax system fairer， said the ministry. The rate reduction will mainly benefit small businesses in the water sector， hydropower facilities， building materials producers and biological products manufacturers， all of which now pay 3 percent VAT. Others benefiting will be consignment stores， pawnshops and auction houses， which now pay 4 percent VAT. The move was part of China’s efforts to use tax reform to create jobs and maintain economic growth， as well as a signal of further tax reform. At present， the VAT rate ranges from 2 percent to 17 percent.
Foreign Investment
More than a quarter of the restrictions on foreign investors are eliminated from the negative list， a list of business that are either off-limits to foreign investment or require advance approval， in the China （Shanghai） Pilot Free Trade Zone. In early June this allowed foreign investors to pursue a wide swath of opportunities in the zone. “The new list features more openness and transparency and is more in line with international stand- ards，” said Dai Haibo， Deputy Director of the Administration Committee of FTZ. For example， the zone has scrapped nine restrictions on foreign investment in manufacturing， four in commercial services and two in shipping services. In addition， authorities have also issued a guideline to support foreign investment in 31 areas covering 10 industries. Foreign investors will be allowed to develop oil exploration technology， process green tea and design luxury cruisers.
New Delisting Rules
On July 4 China’s securities watchdog released a draft of proposed changes to the delisting regime for companies listed in Shanghai and Shenzhen. The new rules allow more voluntary delisting and introduce a mandatory delisting mechanism for companies that have broken the law， according to the China Securities Regulatory Commission（CSRC）. A listed company with fewer than 25 percent of its shares owned by public investors will be delisted from the market under the new rules. For companies with market capitalization above 400 million yuan （$64.4 million）， the trigger point to delist is 10 percent. Companies seeking voluntary delisting must apply directly to stock exchanges to give up their listings， a requirement intended to protect the interests of minority shareholders.
China has vowed to improve insurance services to stimulate innovation and entrepreneurship. The insurance and social security systems will be integrated， making commercial insurance a major pillar of social security， according to a statement released after a meeting of the State Council， China’s cabinet， in July. Competent insurance companies are encouraged to roll out commercial pension and health care plans， to invest in the old-age pension industry， participate in the integration of the health sector and develop new products. Insurance will also be incorporated into the disaster and accident prevention and alleviation system. Insurance funds will be encouraged to invest in urbanization， infrastructure and residential renovations.
Tax Reduction
China has cut the value-added tax （VAT） rate to a flat 3 percent for many small businesses since July 1， said the Ministry of Finance. The previous rates of 4 percent and 6 percent were eliminated to make the tax system fairer， said the ministry. The rate reduction will mainly benefit small businesses in the water sector， hydropower facilities， building materials producers and biological products manufacturers， all of which now pay 3 percent VAT. Others benefiting will be consignment stores， pawnshops and auction houses， which now pay 4 percent VAT. The move was part of China’s efforts to use tax reform to create jobs and maintain economic growth， as well as a signal of further tax reform. At present， the VAT rate ranges from 2 percent to 17 percent.
Foreign Investment
More than a quarter of the restrictions on foreign investors are eliminated from the negative list， a list of business that are either off-limits to foreign investment or require advance approval， in the China （Shanghai） Pilot Free Trade Zone. In early June this allowed foreign investors to pursue a wide swath of opportunities in the zone. “The new list features more openness and transparency and is more in line with international stand- ards，” said Dai Haibo， Deputy Director of the Administration Committee of FTZ. For example， the zone has scrapped nine restrictions on foreign investment in manufacturing， four in commercial services and two in shipping services. In addition， authorities have also issued a guideline to support foreign investment in 31 areas covering 10 industries. Foreign investors will be allowed to develop oil exploration technology， process green tea and design luxury cruisers.
New Delisting Rules
On July 4 China’s securities watchdog released a draft of proposed changes to the delisting regime for companies listed in Shanghai and Shenzhen. The new rules allow more voluntary delisting and introduce a mandatory delisting mechanism for companies that have broken the law， according to the China Securities Regulatory Commission（CSRC）. A listed company with fewer than 25 percent of its shares owned by public investors will be delisted from the market under the new rules. For companies with market capitalization above 400 million yuan （$64.4 million）， the trigger point to delist is 10 percent. Companies seeking voluntary delisting must apply directly to stock exchanges to give up their listings， a requirement intended to protect the interests of minority shareholders.