The PRC National Development and Reform Commission (NDRC) and State Environmental Protection Administration (SEPA) recently released the long-delayed 11th Five-Year Plan (FYP, 2006-10) for Environmental Protection and announced new funding for environmental protection.
China Market Intelligence
China has recently announced several personnel changes. More personnel changes are expected in the run up to the National People's Congress annual session in March, during which a new leadership line-up for the State Council will be announced.
The US Department of Commerce's Office of China Economic Area is planning a series of webinars on intellectual property rights (IPR) best practices and is seeking information on successful cases from US companies. The webinars will instruct US companies on how to protect and enforce IPR in China and are aimed at industry in general and small and medium-sized enterprises in particular.
With less than a month before the PRC Enterprise Income Tax Law takes effect on January 1, 2008, the PRC State Administration of Taxation (SAT) has yet to release the law's crucial explanatory implementing regulations, leaving companies' financial planning for 2008 riddled with uncertainties.
The online payments system in China has grown rapidly over the past five years. According to iResearch Consulting Group, China's online sales may reach RMB 51 billion ($6.9 billion) in 2007, up from RMB 31.2 billion ($4.2 billion) in 2006 and RMB 18.6 billion ($2.5 billion) in 2005.
The US-China Business Council (USCBC) is continuing its advocacy work with the PRC and US governments in the run up to the Joint Commission on Commerce and Trade (JCCT) and US-China Strategic Economic Dialogue (SED) meetings in Beijing in December, while also providing membership with access to key officials in both countries.
US-China Business Council (USCBC) Vice President of China Operations Bob Poole recently met with officials responsible for services industries in the PRC National Development and Reform Commission's (NDRC) Industrial Policies Department in Beijing to advocate services sector policies on behalf of member companies.
The US International Trade Commission (ITC) last week ended the first case that would have imposed countervailing duties (CVDs) on Chinese goods. Six more CVD cases against China remain, however, meaning that the United States could still reverse a longstanding policy and apply CVDs to a nonmarket economy.
China launched the state-owned investment company, China Investment Corp. Ltd. (CIC), on September 29, to strategically invest some of the government's foreign exchange (forex) reserves. At $1.4 trillion, China has the largest amount of forex reserves in the world.
Since the PRC government's November 7 release of the Catalogue Guiding Foreign Investment in Industry: 2007 Revision, many US companies have been analyzing whether the catalogue complies with existing trade and investment agreements that China has made, most notably its World Trade Organization (WTO) accession documents.