Senior Chinese officials continued to emphasize the importance of market-oriented economic reforms at China’s recent meeting of parliament, though little substantive commercial legislation was passed during the session.
China Market Intelligence
Speaking at this year’s meeting of the National People’s Congress, Premier Li Keqiang urged Chinese policymakers to “declare war” on pollution as part of China’s transition to a more sustainable economic model.
The US-China Business Council (USCBC) will recommend solutions to foreign investment, intellectual property, and administrative licensing issues in China in a yearly submission to US government trade talk representatives this week.
US exports to China experienced a surge at the end of 2013, capping off a year of steady bilateral trade growth and continuing economic recovery. US exports to China grew by 24 percent year-on-year in the fourth quarter of 2013, led by oilseeds and grains, according to data from the US International Trade Commission.
China continues to significantly lag in its commitments to promote and implement regulatory transparency measures, according to a new US-China Business Council (USCBC) report. USCBC analysis of the National People’s Congress (NPC), the State Council, and selected Chinese government agencies shows varying levels of compliance with transparency commitments.
US companies across nearly every industry and sector face licensing and approvals challenges in China.
The US-China Business Council (USCBC) has called on US government agencies to address China’s High- and New-Technology Enterprise (HNTE) tax accreditation program with their Chinese counterparts, pushing for revisions that would not discriminate against foreign companies.
In his opening remarks to the annual meeting of the National People’s Congress (NPC), Chinese Premier Li Keqiang said that comprehensive reform was the government’s “top priority” in 2014.
China’s State Administration for Industry and Commerce (SAIC) revised a series of company registration regulations that remove requirements for up-front capital contributions, eliminate minimum registered capital requirements for certain business entities, and eliminate required annual inspections in favor of simplified annual reporting.
In its recently completed recommendations for the Shanghai Free Trade Zone (FTZ), the US-China Business Council (USCBC) urged China’s central and Shanghai’s local governments to substantially reduce investment restrictions, encourage fair and open market competition, and enact equal treatment for foreign and domestic enterprises operating in the zone.