The US-China Business Council (USCBC) this week released the results of a member company survey that compares and contrasts strategies, reporting structures, and methodologies for conducting government affairs in China.
China Market Intelligence
At the conclusion of the week-long 17th Chinese Communist Party (CCP) Congress on October 22, four new officials were inducted into the nine-member Politburo Standing Committee, China's most powerful governing body. As expected, President Hu Jintao retained his title of CCP general secretary and will lead the CCP and the PRC government for the next five years.
As the January 1 implementation date of the PRC Enterprise Income Tax Law approaches, major accounting firms have begun discussions on the law's draft implementing regulations with the Ministry of Finance (MOF) and State Administration of Taxation (SAT).
China's expanding global trade surplus and resulting foreign currency inflows are putting pressure on the PRC government to allow the renminbi (RMB) to rise more quickly against the dollar and euro. China announced a global trade surplus through the third quarter of $185.6 billion, already exceeding the $177.5 billion surplus recorded for all of 2006.
Although Chinese Communist Party (CCP) leadership changes will not be announced until the CCP Congress ends on Sunday, October 21, the PRC State Council recently made several government personnel appointments. The following officials were appointed:
China's total 2006 research and development (R&D) expenditures jumped RMB 55.3 billion ($7.4 billion) to reach RMB 300.3 billion ($39.9 billion), up nearly 23 percent over 2005, according to the PRC National Bureau of Statistics (NBS).
More than 2,200 delegates convened in Beijing on October 15 for the national Congress of the Chinese Communist Party (CCP), one of the most important events in PRC politics.
With roughly 300 days left until the 2008 summer Olympics begin in Beijing, potential spectators are likely to face challenges related to ticketing, hotel and flight booking, and visa processing. The US-China Business Council (USCBC) has compiled the following information to help members planning to attend the games.