Here’s 8 big pieces of great news for China! These are all very recent announcements!
1. 400 Billion Yuan in Tax Reductions!
Li Keqiang, the premier of the State Council, announced in the executive session of the State Council in March 28th 2018, to deepen the measures of VAT reform, so as to further lighten the tax burden of the market participants.
The meeting decided that from May 1, 2018, first, the VAT rate of manufacturing industry and other industries will be reduced from 17% to 16%, and the VAT rate of transportation, construction, basic telecommunication services and other industries and agricultural products will be reduced from 11% to 10%.
The tax rate is expected to be reduced by 240 billion yuan for the whole year. Secondly, VAT will be standardized for small scale taxpayers. Third, for the high end manufacturing industry such as equipment manufacturing, modern service industry, R&D and the power related industries, the amount of the income tax that has not been deducted in a certain period will be returned .
The implementation of the above three measures will reduce the tax burden of the market by more than 400 billion yuan in the whole year. Both domestic and foreign enterprises will benefit equally.
2. The “Provisional Regulations on Express Delivery” was put into motion. Express Delivery services to be upgraded!
Premier Li Keqiang recently announced the “Provisional Regulations on Express Delivery”, which will be implemented on May 1, 2018.
The regulations improve the rules of express service, clarify the rights and obligations of all parties, and protect the legitimate rights and interests of consumers.
This includes the rules for express goods delivery; shipping/handling of non-deliverable goods; introduction personal information protection and sets strict legal responsibility for activities including selling or disclosing private information in the process of the delivery.
3. Civil Assistance with Emergency Situations no longer needs approval before helping!
The Ministry of civil affairs, the Ministry of Finance jointly issued the “Opinions on Further Strengthening and Improving Temporary Assistance Work “. It is stipulated that for temporary assistance in an emergency situation, simplifying the review process is needed, so providing help requires less time and barriers.
4. Massive Safety Improvements of Taxi & Car Hailing Services!
Recently, the Ministry of transport and the Ministry of Public Security issued a joint circular to ensure background checks and supervision of taxi drivers, including online car-hailing service drivers.
The notification requires that, to ensure public safety, the Taxi driver information system will be connected to the public security system. This will ensure proper recording of the vehicle drivers legal history, and provide real-time verification to improve overall quality and safety of the service.
This year, the Ministry of transportation has once again highlighted the integration of the smart transportation card, aiming at interconnecting 220 prefecture-level cities by the end of this year. The aim is to cover the urban and rural areas nationwide by 2020.
6. Cheaper high-speed train services! Big discount on the trains tickets in these areas:
The railway department will carry out a range of fare discounts of 28 intercity railway lines including Guangzhou to Zhuhai, Hainan Island ring, Nanjing to Anqing, Dandong to Dalian, Qingdao to Rongcheng, Zhengzhou to Kaifeng and Wuhan to Xiaogan. The maximum discount will be up to 20% from 10% previously.
7. More guarantee for retirees! Pension increased.
The Ministry of society and the Ministry of Finance issued a joint announcement “Notice on Adjusting the Basic Pension for Retirees In 2018”.
It is stipulated that from January 1, 2018, the pension for retirees that have received basic pensions since last year end has been increased. The overall increase is around 5% of the basic pension per month for retirees in 2017. 114 million retirees are expected to benefit from it.
8. More fair education! Fighting back against student enrollment fraud!
Recently, the Ministry of Education announced that enrollment candidates who provide false information during registration will be banned from college and have their enrollments canceled for 1 year. Students caught during the school year will have their student status removed and banned for 1 year.
These rules are stipulated in the “Measures on Violation of the National Education Examination” and the “Interim Measures on Violations of Enrollment in Colleges and Universities”.
Source: JobTube, Arianna J., Josh B.