Anti-Graft Order Stems Corporate Entertainment
Chinese companies' spending on corporate entertainment have taken a dive in 1H 2013, with most citing the government's crackdown on corruption, the Jing Daily, reported, citing a survey by Shanghai-based market research company Data Driven Marketing Asia. The survey found 46% of respondents reduced the frequency of corporate entertainment and 51% reduced the amount spent on it; 42% attributed the decline to the battle against publicly funded extravagance while only 11% attributed the decline to the economic slowdown.
China to Give Tax Breaks to Small Firms
China will on August 1 suspend the value-added tax and the business tax for small businesses with monthly sales value of no more than 20,000 yuan, the State Council said. The policy is expected to benefit more than 6 million small companies and will directly boost employment and income of tens of millions of people.
More Policies to Support Foreign Trade
The Chinese government is working on measures to assist foreign trade and exports to stabilize economic growth, according to State Council meeting. These measures will include simplifying customs clearance, cutting operational and administrative fees, exempting more export items for examination and encouraging lenders to support profitable exporters and to expand short-term export credit insurance. Meanwhile, more government support will be put in place to facilitate small and midsized exporters as well as to increase commodity imports.
China to Extend Healthcare Reform
The State Council called for further reforms in China's medical and healthcare system, the latest effort to contain rising medical costs and make it easier to access quality medical services. The central government will push forward a pilot scheme in some provinces to establish a settlement system for inter-provincial medical treatment, which is expected to help patients receiving medical services in a different place get reimbursed in time. The State Council will step up efforts to standardize basic medical insurance, and to encourage companies and individuals to buy supplementary commercial insurance for severe illness.
China to Boast World's Biggest Power Generation Capacity
China's installed power generation capacity is expected to total 1.23 billion kilowatt hours by the end of 2013, ranking first worldwide, according the China Electricity Council. Close to 90 million kilowatt hours of power generation capacity is expected to be installed in 2013, including 47 million kilowatt of renewable energy capacity, 40 million kilowatt of coal fired capacity and 2.21 million kilowatt of nuclear power.
China Mulls Capital Market Reforms
Chinese regulators have held meetings to collect opinions on capital market reforms, and a final version is expected to be released by the end of 2013, according to an industry source. The reform scheme is expected to include the construction of a multi-tiered capital market, the development of bond and over-the-counter markets, the promotion of asset securitization and the development of online financial information services.
Textile Exports Up 5.3% in June
The value of China's textiles and garments exports rose 5.3% year on year to $24.1 billion in June, according to customs figures. In 1H 2013, China exported $127 billion worth of textiles and garments, up 12.1% from a year earlier.
China to Boost IT Consumption
China is working on measures to boost information consumption as part of its effort to increase domestic demand, according to the Ministry of Industry and Information Technology. China's information consumption grew 19.8% year on year to 1.38 trillion yuan in the first 5 months of 2013.
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