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Following the announcement of the Overall Construction Plan for Hainan Free Trade Port (FTP), the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation have made a joint announcement of the first zero-tariff product list for the Hainan FTP. Earlier this year, the Chinese government has announced preferential income tax

When China first entered the World Trade Organization, the global economy experienced an unprecedented shift in trade structure. Although the pace of China's real economic development surged, its financial system for years has remained relatively closed to foreign investors, imposing strict capital controls. Recent years have seen a trend of a gradual opening of the

Chinese Accounting Standards for Business Enterprises (CAS) will undergo several changes starting from January 1st, 2021, which naturally has important implications for enterprises operating under CAS. The changes will mostly affect elements such as revenue, leases, and financial instruments. Firstly, the innovations of the Chinese Accounting Standard for Business Enterprises No.14 (CAS14) will lead to

The high-speed rail system in China has seen an astonishing level of growth over the past 15 years, and it now accounts for approximately two-thirds of the world’s total length of high-speed railway lines. Naturally, China’s high-speed rail model has also experienced the growth of global interest and many countries will attempt to follow China’s

For many multinational companies with operations in China, the concept of transfer pricing is prominent and plays an important role in the tax planning process. Transfer pricing refers to prices set by affiliated enterprises when they sell goods and services. In practice, it is common for multinational companies to attempt to transfer profits from high-tax

Pudong New Area in Shanghai celebrates its 30th anniversary since the start of its development and opening up. In 1990, the Chinese Government made a decision to transform a rural area of Pudong into a modern, world-class district by transforming it into a ‘new development zone’. The zone was a pioneer of China’s first opening-up

The electric vehicle (EV) market in China has seen a rapid increase in the third quarter of 2020 with more and more EV carmakers beating monthly delivery expectations despite the volatile global economy. China has become a leader in EV production as companies take advantage of the country's scale to produce cars at competitive prices,

A full-scale reform plan has been unveiled in the city of Shenzhen, as the Special Economic Zone (SEZ) marks its 40th anniversary. On October 11th, 2020, the ‘Implementation Plan for the Pilot Comprehensive Reform of Building a Pilot Demonstration Zone of Socialism with Chinese Characteristics in Shenzhen’ was announced. The pilot reforms focus on areas

In October 2020 China has initiated one of the largest public tests of its digital currency. In the southern city of Shenzhen, the local government has handed out RMB 10 million to the general public in a lottery. The winners may download the digital currency app and spend their winnings in a pilot test area

Consumer spending in China during the Golden Week holiday rose indicating the path to steady economic growth and elevated consumer confidence. As reported by the Ministry of Commerce, retail and restaurant sales in China were 4.9% higher than last year’s Golden Week, and total sales were recorded at 1.6 trillion yuan. This year however benefited

Foreign investors with subsidiaries in China may be concerned about the efficiency, compliance, and overall direction their overseas companies are heading towards. Therefore, conducting an internal audit and performance review can provide the necessary tools for foreign investors to better understand their business in China. Internal auditing can be effectively defined as an independent, objective

In line with the increasing trend of specific new tax policies and incentives that has been recently spreading throughout China, Lingang New Area of Shanghai Pilot Free Trade Zone will propose additional incentives that aim to attract foreign investment, capital flows, and innovate customs supervision. Qualified legal entities engaged in production or R&D activities in