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China Extends Visa-Free Entry for 12 Countries Until End of 2025
Chinese President Xi Jinping announced during the closing ceremony of the Sixth Meeting of the China-France Business Council that China has decided to extend the short-stay visa exemption policy for citizens of 12 countries, including France, Germany, Italy, the Netherlands, Spain, Belgium and Luxemburg, until the end of 2025.
This extension means that until December 31, 2025, citizens from these 12 countries will be able to visit China for business, tourism, transit, and other purposes for up to 15 days without a visa. The original policy was set to expire at the end of November 2023.
The extension of this visa-free policy is aimed to stimulate incoming tourism to China after years of strict COVID-19 restrictions. The decision has been welcomed by European governments, who hope it could lead to the policy being expanded to all EU member states.
Analysts believe the extension until the end of 2025 will significantly increase tourist arrivals in China, demonstrating Beijing's commitment to facilitating people-to-people exchanges and its determined path of opening up to the outside world. Important developments in direct flights between China and Europe are also expected in the coming months.
China Extends 1% Unemployment Insurance Rate for Enterprises Until End of 2025
The Ministry of Human Resources and Social Security, the Ministry of Finance, and the State Taxation Administration have jointly announced the extension of preferential policies to support enterprises and stabilize employment in China.
Key highlights of the policy extension:
The reduced unemployment insurance contribution rate of 1% will be extended until December 31, 2025. This policy was originally set to expire at the end of 2023.
The job stabilization refund policy will be continued. Eligible enterprises that have paid unemployment insurance premiums for over 12 months and maintained or reduced layoffs can apply for a refund of up to 60% of the premiums paid.
The skill enhancement subsidy policy will also be extended. Employees or unemployment insurance recipients who obtain vocational qualification certificates can receive subsidies ranging from 1,000 to 2,000 yuan, with a maximum of 3 subsidies per person per year.
The extension of these supportive measures aims to fully leverage the role of unemployment insurance in protecting livelihoods, preventing job losses, and promoting employment. Local governments are required to ensure the effective implementation of the policies and strengthen oversight to prevent risks to the insurance fund.
The policy extension demonstrates the government's commitment to supporting enterprises, especially small and medium-sized businesses, and safeguarding the basic living standards of the unemployed during the economic challenges.
MIIT Seeks Public Comments on Revised Regulations to Protect SME Payments
The Ministry of Industry and Information Technology (MIIT) has released the draft revisions to the Regulations on Ensuring Payments to Small and Medium-sized Enterprises (SMEs) and is seeking public comments until May 18, 2024.
The draft revision, consisting of 38 articles, aims to strengthen the protection of timely payments to SMEs. Key changes include:
Clarifying the basic principles for ensuring prompt payments to SMEs
Defining the duties of various government departments and responsibilities of local authorities
Enhancing supervision and management of public institutions and large enterprises
Imposing stricter information disclosure requirements for large companies
Improving the complaint handling mechanism and administrative remedies
Increasing penalties for violations of the regulations
The revisions come as part of the central government's efforts to support the development of SMEs, which play a crucial role in China's economy. The public consultation seeks to gather feedback from relevant stakeholders to further improve the regulations.
Interested parties are invited to submit their comments and suggestions on the draft revisions to the designated email address (bzkx2024@163.com) by May 18, 2024. The finalized regulations are expected to be implemented later this year.
At PHC Advisory, we can offer you full support on matters regarding doing business in China, or any other issues your business may face in China. If you would like to know more about policies relevant to your business in China, please contact us at info@phcadvisory.com
PHC Advisory is a company of DP Group: an international professional services conglomerate of companies with approximately 100 experienced professionals worldwide. We offer comprehensive services in tax, accounting, and financial consulting, including financial supervision, financial audit, internal audit, internal control over financial reporting, and support for audited financial statements and annual audits, ensuring clients' financial transparency and compliance.
The content of this article is provided for informational purposes only, financial advice must be tailored to the specific circumstances on a case-by-case basis, and the contents of this article do not legally bind PHC Advisory with the reader in any way.
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