China shortens negative list for market access

China on Wednesday released the 2020 negative list for market access, which cut the number on the list to 123 from 131 last year.

Altogether 14 regulations were removed from the list, including registration licenses for customs declaration enterprises and qualification approval for asset evaluation agencies to engage in securities services, according to the list jointly released by the National Development and Reform Commission (NDRC) and the Ministry of Commerce.

Items added to the list include relevant regulation on the establishment of financial holding companies and regulation on large-scale transfers of land management rights, among others.

The negative list for market access outlines sectors, fields and businesses off-limits for investors. Industries, fields and businesses not on the list are open for investment to all market players.

NDRC spokesperson Meng Wei said Chinese authorities revised the negative list for market access on an annual basis. She said the number of items on the 2020 list decreased by 18% from 151 in 2018, down 63% from 328 in 2016.

Fiscal revenue

China’s fiscal revenue totaled about 16.95 trillion yuan (US$2.59 trillion) in the first 11 months of this year, down by 5.3% year-on-year, according to data from the Ministry of Finance. The decline narrowed from a fall of 5.5% in the first 10 months.

Tax revenue between January and November fell by 3.7% from a year earlier to 14.42 trillion yuan. Revenue from value-added tax, the largest fiscal revenue source of the country, fell by 10.2% year on year.

A breakdown showed the central government collected nearly 7.82 trillion yuan in fiscal revenue during the 11 months, down by 9.2% year-on-year, while local governments saw fiscal revenue dipping by 1.7% to about 9.13 trillion yuan.

Tuesday’s data also showed that China’s fiscal spending grew by 0.7% from a year earlier to nearly 20.78 trillion yuan during the period, with expenditure on social security and employment logging a 10.9% year-on-year increase.

SME financing

China will take more measures to improve government services and facilitate the financing by small-and-medium-sized enterprises (SMEs), the State Council’s executive meeting chaired by Premier decided on Monday.

The country will optimize the government service hotlines to meet the needs of companies and the public, according to the meeting.

The meeting also decided to implement unified registration of movable property and rights guarantee throughout the country starting from next year to help ease the financing strain of companies, especially the SMEs.

Opening-up in Xinjiang

The State Council, in a circular issued on Tuesday, approved a key pilot zone for development and opening-up in Tacheng, Northwest China’s Xinjiang Uygur autonomous region.

Located in the northwestern region of Xinjiang, the pilot zone will serve as an important window for cooperation with countries in Central Asia.

According to the circular, the pilot zone will deepen the comprehensive cooperation with neighboring countries and accelerate the construction of core regions in the Silk Road Economic Belt.

Banknotes and coins

The People’s Bank of China, the central bank, said on Tuesday that it will investigate and punish institutions and individuals that refuse to accept valid banknotes and coins and reiterated that it would protect the groups or individuals who find it inconvenient to use electronic or other non-cash payment methods.

It is also a measure to ensure that physical money can continue to be in circulation and is protected by the nation’s laws, even as the digital yuan trials are accelerating.

Foreign investment

China has launched a new online platform to facilitate investment into the country, according to a trade and investment promotion agency.

Overseas investors can get a better understanding of China’s business environment, investment policies and specific project information via the website www.investchinaccpit.com, the China Council for the Promotion of International Trade (CCPIT) said Tuesday.

The platform has released information on 1,186 projects and 157 policy measures and will continue to update relevant tips, the CCPIT said.

Company news

BOE Technology Group, a leading Chinese supplier of display products and solutions, is expected to provide 10 million OLED panels for Apple’s iPhones next year, according to The Elec, a South Korea electronics industry media outlet.

Apple is expected to ship between 160 million to 180 million units of iPhones that use organic light-emitting diode panels in 2021, the website quoted sources with Samsung Display as saying. The figure combines the expected shipments for iPhones 12 and 13.

The stories were compiled by Nadeem Xu and Shan Hui and first published at ATimesCN.com.

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