A doubling of the Chinese currency’s share of global payments from the current 6%-7% is not impossible, according to the head of yuan internationalization at HSBC Holdings Plc.
Legendale Hotel Beijing, a luxury hotel in the heart of the Chinese capital, has closed to guests and is set to be converted into an ultra-premium nursing home. Admission requires an insurance premium of more than 18.88 million yuan (US$2.8 million), a source said. Beijing’s Dongcheng district housing authority recently disclosed that it had brought Ping An Life Insurance, part of China’s largest insurance group, on board to help redevelop the established five-star hotel. Located near Peking...
Personal income tax declarations linked to offshore trusts have topped 160 billion yuan (US$24 billion) since Beijing introduced new rules in late July tightening tax compliance – with October making up 75 per cent of the total, according to official data. The surge lifted nationwide personal income tax receipts in October by almost 90 per cent, the State Taxation Administration (STA) said on Wednesday. The 90-day grace period for declaring personal income taxes related to offshore trust gain...
China’s trade momentum remained strong in October despite a strengthening of the yuan, sending its year-to-date trade surplus above US$1 trillion amid rising scrutiny from Western countries over the size of the gap. Supported by the continuing technology cycle and a rebound in demand as US-China relations improved, the country’s exports rose by 35.2 per cent year on year to US$412.33 billion last month, according to Chinese customs data released on Tuesday, compared with the 36.3 per cent gro...
China has unveiled a road map to strengthen its maritime insurance industry and expand the use of the yuan in shipping-related transactions, as Beijing seeks to reduce its reliance on Western-dominated insurance networks amid growing geopolitical tensions. The guidelines, jointly issued by seven government agencies on Friday, aim to strengthen domestic underwriting and risk-pricing capabilities while expanding insurance protection for China’s key imports and exports. The push comes as Western...
Even as China’s stricter enforcement lifts tax receipts, the revenue gains remain insufficient to cover government funding gaps and risk chilling private sector confidence, while local officials remain reluctant to launch major projects despite repeated calls from Beijing, analysts say. Hong Kong-based Goldman Sachs analysts, led by Wang Lisheng, estimated in a Monday report that tighter tax enforcement may have added roughly 500 billion yuan (US$74.91 billion) to mainland China’s government...
In the flat, typhoon-prone fields of Lianshui county in eastern China’s Jiangsu province, a once-obscure vegetable has become a local economic engine. Greenhouses for growing asparagus now cover more than 1,333 hectares (3,294 acres), produce 50,000 tonnes (55,116 short tons) a year and generate over 1 billion yuan (US$150 million) in value, according to local government data. Lianshui accounts for about 30 per cent of China’s greenhouse-grown asparagus output, and much of the high-value whit...
The People’s Bank of China’s (PBOC) intervention to raise the foreign exchange reserve requirement ratio amid the yuan’s sustained rally has delivered a reprieve for China’s broader export sector, as the measure is expected to partly ease appreciation momentum driven by the country’s enormous trade surplus, analysts say. China’s goods trade surplus mounted to a record US$938.1 billion in the January-September period, rising from US$726.2 billion in the same period a year prior. With the full...
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