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Briefs

時間:2024-10-26 08:15:45

28.8%

RiseofChina鈥檚mobilepaymentsin2017

SoaringMobilePayments

Chinesebankssawasurgeinmobilepaymentslastyear,officialdatashowedearlyMarch.

Bankinginstitutionshandled203trillionyuan($32trillion)inmobilepaymentsin2017,up28.8percent,accordingtothePeople鈥檚BankofChina.

Atotalof37.6billionpaymentsweremadethroughmobilebankingservicesintheperiod,anincreaseof46.1percent.

China鈥檚mobilepaymentsectorhasseenrapiddevelopment,drivenbyimprovedInternetinfrastructure,increaseduseofmobilephonesandinnovationoffinancialservices.

BoostingForeignInvestment

Chinawilltakeaseriesofnewmeasuresthisyeartosolicitmoreforeigninvestment,NingJizhe,deputyheadoftheNationalDevelopmentandReformCommission,saidearlyMarch.

Thenegativelistapproachtomarketentry,whichstatessectorsandbusinessesthatareofflimittoforeigninvestment,willbeexpandednationwide.Morefavorablepoliciesconcerningcapitaltransferandlanduse,whichareenjoyedbydomesticinvestors,willbegiventoforeignfirmswhentheyinvestinChina鈥檚central,westernandnortheasternregions,Ningsaid.

ForeigndirectinvestmentintheChinesemainlandhit$131billionlastyear.

CuttingTaxes

Chinawillreducetaxesonbusinessesandindividualsbymorethan800billionyuan($126billion)in2018,PremierLiKeqiangsaidearlyMarch.

Chinawillprioritizeloweringratesinmanufacturingandtransportation,andraisethethresholdforannualsalesrevenueforsmall-scaletaxpayers,saidLi.

Fargreaternumbersofsmalllow-profitbusinesseswillseetheirincometaxhalved,andtheceilingsondeductiblebusinesspurchasesofinstrumentsandequipmentwillbesignificantlyraised,Lisaid.Morelogisticscompanieswillenjoypreferentialtaxtreatmentontheiruseoflandforstoragefacilities.

Atotalof918.6billionyuan($141.3billion)wassavedlastyearviaChina鈥檚ongoingreformtoreplacebusinesstaxwithvalue-addedtax.

TighteningIllegalFundraising

Chinawillstrengthensupervisionmechanismforillegalfundraising,holdlocalgovernmentofficialsaccountable,andimprovethelegalsystemandpubliceducationin2018.Keyfieldsincludingonlinelending,propertyandruralcooperativeswillbeundergreaterscrutiny.

Risingillegalfundraisinghasbeencontainedthankstoeffortsagainsthigh-profilecases.Chinasaw5,197illegalfundraisingcasesin2016,involving251.1billionyuan($39.8billion),down14.48percentand0.11percentyearonyear,respectively,officialdatashowed.Despitetheprogress,easterncoastalareas,centralandwesternregionswithlargepopulationsarestillvulnerabletofraud.

Internetfinancehasgrownasinvestorsseekhigherreturnsthanbankdeposits.Butriskshavepiledupasregulationscannotkeepupwiththepaceofdevelopment.

SupportingForeignBanks

China鈥檚bankingregulatorhascutredtapeforforeignbanks.

TheChinaBankingRegulatoryCommissionrevisedrulesforforeignbanks,scrappingapprovalproceduresforfouritemsincludingoverseaswealthmanagementproductsandportfolioinvestmentfunds.Banksonlyneedtoreporttheirservicestoauthoritiesratherthanobtainingapprovalinadvance.

Procedureswerealsosimplifiedforforeignlenderstosetupnewbranches,appointexecutivesandissuebonds.ThenewpoliciesbecameeffectiveonFebruary13.Therevisionalsoclarifiedproceduresandapplicationmaterialsforforeign-fundedbankstoinvestindomesticbankinginstitutions.ThecommissionsaiditwouldcontinuetosupportforeignbankstoentertheChinesemarket,promisingafairandtransparentpolicyenvironment.
   

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