Tech incubators' taxes waived
6 Nov 2018 - Starting from 1 January 2019 to 31 December 2021, technology incubating companies, science parks at universities, entrepreneurial space and common innovative grounds will be waived property tax, and urban and town land use taxes on properties and land for self-use, free use or leased to incubators. Incomes from incubating services provided to incubators will also be waived value-added tax, according to the Ministry of Finance, State Administration of Taxation, Ministry of Technology and Ministry of Education. Incubating services broadly means agency and broking services, leasing, R&D, information technology, consultation and assurance services provided to incubators. The tax concessions are designed to promote entrepreneurship.
Shenzhen Investment issues RMB30bn bonds
5 Nov 2018 - Shenzhen Investment Holding Co. Ltd. will issue not more than RMB30 billion of corporate bonds, becoming a municipal-owned company enjoying the status of a central government-controlled firm. The issuance scale of RMB30 billion has been the single largest one given to a municipal company so far. State giants such as CITIC Group, Postal Savings Bank of China, and State Grid Corporation of China are also approved bond issuance of RMB30 billion. Last week, the municipal government of Shenzhen approved Shenzhen Investment Holding’s alliance with Temasek of Singapore, aiming to streamline management and operation of state-owned assets and capitals.
Industrial export grew 8.1% in 1Q-3Q '18
2 Nov 2018 – In the first three quarters, the export delivery value of industrial goods in China climbed 8.1% over a year ago, rising 1.1 percentage points over that in January to August. The export growth of specialty equipment surged 8.6%, electronics 9.5% and general equipment 7.6% in the nine months, growing faster than comparable growths in the period of January-August. Exports of industrial goods in coastal provinces also stood out from the rest with Jiangsu industrial export rising 7.6%, Shandong 5.6% and Zhejiang 7.2%.
Natural gas import surges 38% in China
31 Oct 2018 – China produced 115.6 billion cubic meters of natural gas during January to September, increasing production by 6.3% over a year ago. China’s natural gas import surged 37.6% to 88.6 billion cubic meters at the same time. Natural gas consumption, nominally, surged 18.2% to 201.7 billion cubic meters.
Sino Japanese investments reignited
26 Oct 2018 - China Investment Corporation, Nomura Securities, Daiwa Securities, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group signed in Beijing a MOU to set up the Sino-Japanese Industry Cooperation Fund. Apart from investing in industries in China and Japan, the fund will invest in other countries as well, focusing on manufacturing, media communication, medical and healthcare, and consumption businesses. The fund is the latest move that China and Japan take to tighten investment ties.
Guangdong invests 10% more in fixed assets
25 Oct 2018 – Fixed asset investment grew 10.2% in Guangdong province during the nine months from January to September, of which real estate development surged 19.9% over a year ago. Fixed asset investment in Guangdong’s tertiary industry also surged 14.8% in the nine months, contributing 104% to the growth in fixed asset investment. Among all services, fixed asset investment in education posted a 17.4% increase, while that in leasing and commercial services rose 72.9%. Fixed asset investment in infrastructure also surged by 7.5%, whereas that in industries dropped 0.7% over a year ago.