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China: Order to “Buy China” in Government-Invested Projects

(June 25, 2009) China's key economic planner, the National Development and Reform Committee, issued a notice on May 26, 2009, on tightening government supervision of tenders and bids in connection with government-invested projects (FGFG [2009] No. 1362). The notice was jointly issued with eight other central government departments, including the Ministry of Industry and Information […]

China: New Cash for Clunkers Plan

(May 26, 2009) China is launching a RMB5 billion (about US$714 million) plan to encourage automobile sales in the countryside, where the majority of the Chinese population lives. On March 16, 2009, seven central government departments jointly issued the Action Plan for Cars and Motorcycles to the Countryside. According to the plan, the state will […]

China; Taiwan: Agreements on Regular Flights, Financial Cooperation, Judicial Cooperation Signed

(May 11, 2009) On April 26, 2009, in Nanjing, mainland China and Taiwan signed three agreements to improve relations across the Taiwan Strait. Chen Yunlin, President of the mainland-based Association for Relations Across the Taiwan Straits (ARATS), and Chiang Pin-kung, Chairman of the Taiwan-based Straits Exchange Foundation (SEF), signed the agreements. The two sides also […]

China: Amendment Seven to Criminal Law Passed

(Apr. 30, 2009) On February 28, 2009, the Standing Committee of the Eleventh National People's Congress adopted Amendment Seven to the Criminal Law, which entered into effect on the same day. Previously, in August 2008, a draft of Amendment Seven was published on the National People's Congress website to solicit public opinion (hereinafter Draft). (See […]

China: National Human Rights Action Plan Published

(Apr. 28, 2009) On April 13, 2009, China's State Council Information Office released the National Human Rights Action Plan (2009-2010), which the government called the country's first national human rights action plan. According to its preamble, the Plan is in response to the call of the United Nations for the formulation of national human rights […]

China: Tax Incentives for Clean Development Mechanism Projects Published

(Apr. 28, 2009) On April 2, 2009, the Ministry of Finance (MOF) published a Circular on the Corporate Income Tax Policies of the China Clean Development Mechanism [CDM] Fund and CDM projects (CS [2009] No. 30). Dated March 23, 2009, the Circular for the first time clarifies the corporate income tax incentives available to CDM […]

China: IPO Rules for Growth Enterprise Market

(Apr. 21, 2009) The China Securities Regulatory Commission (CSRC) released rules on initial public offerings for the Growth Enterprise Market (China GEM) on March 31, 2009. The rules will enter into effect on May 1, 2009. This means that the China GEM, which is comparable to the U.S. NASDAQ and the Hong Kong Growth Enterprise […]

China: Executive Pay Limits for State-Owned Financial Institutions

(Apr. 15, 2009) The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of what they received for the year 2007. The executive compensation regulated by this circular refers to […]

China: New Rules to Encourage Overseas Investment

(Apr. 13, 2009) The Ministry of Commerce (MOFCOM), China's main commercial regulator, issued the Measures for the Administration of Overseas Investment on March 16, 2009. Entering into effect on May 1, 2009, the new rules encourage Chinese enterprises to invest overseas by delegating approval authority to lower-level government agencies and simplifying approval procedures. The Measures […]

China: Food Safety Law Passed

(Apr. 3, 2009) On February 28, 2009, the People's Republic of China Food Safety Law was passed by the Standing Committee of the National People's Congress. Effective from June 1, 2009, the new Food Safety Law, containing 104 articles, will repeal the 57-article Food Hygiene Law of 1995. The Food Safety Law contains ten chapters: […]