China Financial News Headlines

Revenue Growth Decreased 30% in August
Yesterday, the Ministry of Finance announced that the tax earnings in August 2008; the absolute amount of tax revenue and growth rate created the lowest level in single month this year.

Ministry of Finance: Overall Tax Policy is proposed to alleviate the Burden in Recent Years
Ministry of Finance recently issued a report that in order to promote economic and social development, our country has issued a series of policies to reduce the burden of corporate and personal taxes; the adjustment of policies caused large-scale tax reduction. Ministry of Finance predicted that to reduce stamp duty on securities transactions would reduce 100 billion yuan for financial revenue.

Environmental tax policy has been put on the agenda
Vice minster of Environmental Protection Department, Pan Yue said that the Environmental Protection Department was associating with other other sectors of the economy to establish environmental tax policy; he disclosed that the department had put forward the proposal on “Corporation Preferential Income Tax Directory of Environmental Protection Equipment”.

Other News:
A: Ministry of Finance and State Administration of Taxation declared to adjust the stamp duty on securities transaction into unilateral taxation.

B:Central Huijin Investment Company Limited announced that they would self-purchase the share of Industrial and Commercial Bank, Bank of China, Construction Bank in the secondary market.

C:State-owned Assets Supervision Commission made it clear that the commission would support the central enterprises to increase or repurchase the shares of listed companies. The Securities Regulatory Commission announced that the above measures would play an important role on the stable and sound operation of the capital market; and they expressed their positive support.

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