After months of speculation about potential export tax rebate changes due to slowing exports, the State Administration of Taxation and Ministry of Finance on July 30 released a notice that adjusts China's export value-added tax (VAT) rebates.
China Market Intelligence
With China's landmark Antimonopoly Law (AML) set to take effect on August 1, the PRC State Council has not officially formed or designated the interagency bodies responsible for AML administration--the Antimonopoly Commission and the Antimonopoly Enforcement Authority (AMEA) called for in the law--or issued the implementing regulations to explain the law's key provisions and enforcement details
The US Congress has been relatively quiet on China issues this year, but recent action in the House Ways and Means Committee and Senate Finance and Banking Committees indicates that China-related legislation is likely to resurface in 2009.
Mark Sobel, US Department of the Treasury deputy assistant secretary, on June 30 met with companies and associations to discuss financial services sector engagement with China, India, and the European Union. The China-focused portion of the meeting served as a follow-up to the financial services-related outcomes of the fourth SED and offered expanded details on the following topics:
The United States and China made incremental progress on consumer safety issues at the fourth SED on June 17-18 in Annapolis, Maryland, but no progress was made on troublesome market access issues for meat products.
Following the government reorganization plan approved by the National People's Congress in March, each of the new and restructured PRC ministries is proceeding through a formal internal review process known as the "three settings" (san ding).
US-China Business Council (USCBC) representatives, alongside counterparts from the American Chamber of Commerce in Beijing, on July 3 met with officials from the PRC Ministry of Commerce (MOFCOM), State Administration of Industry and Commerce (SAIC), and Beijing Intellectual Property Task Force.
PRC government officials speaking at a USCBC event in Shanghai last week said that although visa procedures have recently been more strictly followed than in the past because of Olympic security concerns, "legitimate" business requests for visas, residence permits, and visa extensions will still receive consideration.
The fourth round of the Strategic Economic Dialogue (SED) yielded potentially significant advances in providing foreign companies with more regular and broader opportunities to weigh in on and shape prospective regulations that would affect their businesses. In the joint SED fact sheet, China agreed to three transparency-related points advocated by the US-China Business Council (USCBC):
In a recent interview with People's Daily Online, the All-China Federation of Trade Unions (ACFTU) Grassroots Organization and Capacity Building Division detailed a renewed push to unionize the China operations of Fortune 500 companies.