Important News
December 15, 2021
Securities Daily Network
www.zqrb.cn
01 Domestic News
1. It’s about real estate tax! Statement by the Minister of Finance
Recently, the National People's Congress disclosed on its official website the explanation given by Finance Minister Liu Kun on the real estate tax reform pilot decision (draft) at the 31st meeting of the Standing Committee of the National People's Congress on October 19, As well as the report on the results of the review of the decision (draft) by the Constitution and Law Committee of the National People's Congress.
Liu Kun said in the explanation:
The real estate tax in the pilot areas is levied on various types of real estate for residential and non-residential purposes, and the land use right holders and house owners are the taxpayers of real estate tax.
Taking into account many factors, legally owned rural homesteads and residences thereon are not included in the scope of pilot taxation. The pilot program for non-residential real estate will continue to be implemented in accordance with the " Interim Regulations of the People's Republic of China on Real Estate Tax" and " Interim Regulations of the People's Republic of China on Urban Land Use Tax", including taxation scope, tax calculation basis, tax rate, tax incentives and collection management, etc. Maintaining the current system unchanged will ensure that the tax burden will be shifted during the pilot period, which will help reduce the impact on business operations.
In terms of pilot procedures
After the real estate tax reform pilot work is authorized by the Standing Committee of the National People's Congress, the State Council will formulate real estate tax pilot methods and clarify specific pilot policies. The people's governments of the pilot areas shall formulate specific implementation rules and refine the implementation measures for the reform pilot. The pilot period is five years. Real estate tax collection and administration involves a large number of natural persons. The State Council, its relevant departments, and the people's governments of pilot areas will establish scientific and feasible collection and administration models and procedures.
In the selection of pilot areas
the State Council shall follow the principle of positivity and prudence, coordinate and consider deepening the pilot and unify legislation, promote the stable and healthy development of the real estate market, determine the pilot areas, and report to the Standing Committee of the National People's Congress for filing.
In the National People's Congress Constitution and Law Committee's report on the review results of the decision (draft), the Constitution and Law Committee stated that based on the opinions put forward by some members of the National People's Congress Standing Committee, the relevant real estate tax calculation basis and application in the decision (draft) were deleted. The provisions on tax rates, deduction standards, etc. will be gradually studied and explored during the reform pilot process, and adjusted and improved in a timely manner. The Constitution and Law Committee recommends that the five-year real estate tax reform pilot period be calculated from the date the State Council issues the pilot measures.
The Constitution and Law Committee said: During the deliberations, members of the Standing Committee were authorized to decide on the timing of launching the real estate tax, how to connect specific provisions such as the scope of the pilot with relevant provisions of the Legislative Law, and how to handle the stock and increase of real estate. relationship, and put forward opinions on how to classify and handle the complex situations of residential real estate in practice and promote it steadily. At the same time, some specific institutional arrangements for the pilot collection of real estate taxes were also put forward.
The Constitution and Law Committee recommends: The State Council, its relevant departments, and the people's governments of the pilot areas should carefully study and absorb the deliberation opinions of the members of the Standing Committee when formulating the pilot methods and the specific implementation process, actively and steadily promote the real estate tax reform pilot work, and fully consider the practice various complex situations and possible social impacts, fully consider the basic housing needs and tax affordability of all types of people, conduct careful research and demonstration, and actively provide publicity and guidance; it is recommended that the State Council and its relevant departments summarize pilot experience in a timely manner and improve pilot methods , Promote real estate tax legislation in a timely manner. ( CCTV website )
2. The Tariff Commission of the State Council: Grant zero tariff treatment to 98% of the tax items of products from the least developed countries
The Tariff Commission of the State Council issued an announcement that the applicable tax rate for 98% of the tax items of products originating from the least developed countries is: Zero preferential tax rate. In accordance with my country's relevant commitments to grant zero-tariff treatment to some products from the least developed countries, and based on the progress of the exchange of letters, my country has granted zero-tariff treatment to 97% of the tax items of products from 42 countries including the Republic of Angola, and has granted zero-tariff treatment to 95% of the products of the Democratic Republic of East Timor and the Republic of the Union of Myanmar. treatment.In the future, my country will complete the exchange of letters procedures with relevant countries. The applicable countries and implementation time of zero tariff for 98% of tax items will be announced separately based on the progress of the exchange of letters. Expanding the scope of zero-tariff products exported to China from the least developed countries will expand our imports from Africa, promote the construction of a high-level China-Africa community with a shared future, further share market opportunities with the least developed countries, and achieve mutual benefit and win-win results. (Tariff Commission of the State Council)
Details: Announcement of the Tariff Commission of the State Council on granting zero-tariff treatment to 98% of the tax items of least developed countries
3. Central Bank : The total assets of financial industry institutions at the end of the third quarter of 2021 were 375.68 trillion yuan
Preliminary statistics, at the end of the third quarter of 2021, the total assets of my country's financial industry institutions were 375.68 trillion yuan, a year-on-year increase of 8.2 %, among which, the total assets of banking institutions were 339.36 trillion yuan, a year-on-year increase of 7.7%; the total assets of securities industry institutions were 11.99 trillion yuan, a year-on-year increase of 23.7%; the total assets of insurance industry institutions were 24.32 trillion yuan, a year-on-year increase of 7.7%. An increase of 8.4%.
The liabilities of financial industry institutions were 341.3 trillion yuan, a year-on-year increase of 8%. Among them, the liabilities of banking institutions were 310.7 trillion yuan, a year-on-year increase of 7.5%; the liabilities of securities industry institutions were 9.14 trillion yuan, a year-on-year increase of 27.8%; the insurance industry Institutional liabilities were 21.46 trillion yuan, a year-on-year increase of 8%. (Central Bank)
4. Beijing will be the first to launch a personal "green code for home purchase qualifications", and real-time query of home purchase qualifications
On the morning of December 15, Beijing's business reform version 5.0 was officially released. The reporter learned from the press conference that Beijing will be the first in the country to provide personal "green code for home purchase qualifications" service to realize real-time inquiry of home purchase qualifications.
Dai Ying, deputy director of the Municipal Development and Reform Commission, revealed that the 5.0 version of the reform includes a total of 362 tasks in 12 aspects including protecting market entities, maintaining fair competition, intellectual property protection , administrative approval, investment and construction, government services, supervision and law enforcement, and foreign investment and foreign trade. All will be completed by the end of next year, and 115 of the innovative pilot tasks will be basically completed by the end of June next year. The
5.0 version of the reform is oriented towards standardization, standardization and convenience, strengthening the concept of "whole government", deeply integrating system and service resources, comprehensively strengthening business collaboration, optimizing and reengineering service processes, and striving to promote "one thing" integrated services. Focusing on the two "full life cycles" of enterprises from entry to exit and individuals from birth to death, integrated services for key areas and high-frequency matters such as business start-up, birth of newborns, and enrollment in compulsory education are launched to achieve "one notification, one application form" , one set of materials, one window for acceptance, one network for processing, and one step for issuing certificates.”
In addition, we will vigorously promote the standardization of government services and achieve the "three unifications" of handling standards, service platforms, and supervision and evaluation. Efforts have been made to solve the problem of difficulty and long time in real estate registration, and new real estate registration halls have been built in Dongcheng, Chaoyang, Shijingshan, Mentougou, Tongzhou and other districts, with more than 50 registration windows added to promote the full registration of enterprises and people. Business type: Real estate registration "all in one place". It is the first in the country to provide personal "green code" service for home purchase qualifications, enabling real-time inquiry of home purchase qualifications. ( Beijing Daily )
5. The Shanghai Marriage Agency Management Association interviewed Baihe Jiayuan and four other marriage agencies
On the afternoon of December 15, in response to issues such as personal privacy infringement, deceptive consumption practices, malicious marketing, and ambiguous terms of service, the Shanghai Marriage Agency The Management Association interviewed four matchmaking agencies including Baihe Jiayuan, Zhenai.com , my Lord Liangyuan , and Yijiayuan. The Shanghai Matchmaking Agency Management Association pointed out that the above four agencies are all companies with a large number of complaints and prominent complaint problems. It requires relevant agencies to carry out comprehensive self-examination and self-correction and immediately rectify the situation. (The Paper)
02 International News
1. Foreign media: The U.S. Treasury Department will sanction 8 Chinese companies
According to the British " Financial Times " citing people familiar with the matter, the U.S. Treasury Department will again impose sanctions on the so-called "human rights situation in Xinjiang" on the 16th local time. "For this reason, eight Chinese companies were sanctioned, including Chinese drone manufacturer DJI Technology.Just a few days ago, China's SenseTime Technology was included in the sanctions list by the U.S. Treasury Department. In response, the Chinese Ministry of Foreign Affairs stated that the United States once again used the so-called human rights in Xinjiang as an excuse to target China based on lies and false information. The imposition of sanctions on relevant personnel and entities seriously interferes in China's internal affairs, seriously violates the basic norms of international relations, and seriously damages Sino-US relations.
reported that these eight Chinese companies are already on the "Entity List" of the U.S. Department of Commerce. In addition, the report also quoted people familiar with the matter as saying that the U.S. Department of Commerce is expected to add more than 20 Chinese companies to the "Entity List" on the 16th, including some companies involved in biotechnology.
"Financial Times" stated that the White House and the US Department of Treasury and Commerce did not comment on this. ( Global Network )
2. Myanmar allows the use of renminbi and kyat to directly settle border trade
The Central Bank of Myanmar 14 announced that it will allow the use of renminbi and kyat in the China-Myanmar border area to directly settle border trade from now on.
The Central Bank of Myanmar issued an announcement on the same day that in order to promote border trade between China and Myanmar and facilitate bilateral currency transactions and settlements, eligible banks in Myanmar are allowed to open RMB accounts for importers and exporters engaged in border trade.
In January 2019, Myanmar announced that it would add the RMB as its official settlement currency. In October this year, Myanmar announced that it would allow domestic banks and non-bank currency exchange institutions holding foreign currency settlement licenses and exchange licenses to exchange RMB. ( During the statistics, it was found that some companies had data that was counted repeatedly. At present, it is understood that the number of relevant companies may reach about 10% of the total. Duplicate counting has existed since at least eight years ago when the current statistical method was adopted, and continued until April this year.
will also use "Construction Project Order Acceptance Dynamic Statistics" when calculating Gross Domestic Product (GDP). Currently, relevant Japanese authorities are investigating whether duplicate statistics in the construction industry have affected previous GDP data.
Japanese Prime Minister Kishida Fumio expressed great regret for this and pointed out that efforts must be made to prevent similar incidents from happening again. He will confirm the relevant events so far. In order to prevent similar incidents from happening again, the government will study and respond to solutions as soon as possible. (CCTV News)
4. World Food Program: Afghanistan is facing an avalanche of hunger and poverty. 98% of people do not have enough to eat
Recently, World Food Program (WFP) stated that Afghanistan is facing severe hunger and poverty, 98 % of Afghans do not eat enough food.
AFP reports The United Nations More than 23 million Afghans, or more than half of Afghanistan's population, will face "severe" food shortages during the winter, forcing millions to choose between migration and starvation. choose.
According to the United Nations website, due to the collapse of the Afghan economy, it is difficult for people to obtain enough food. The World Food Program (WFP) will urgently need $220 million (approximately RMB 1.4 billion) per month in 2022 as it ramps up operations to provide food and cash assistance to Afghans facing severe hunger. The
report pointed out that so far in 2021, WFP has assisted 15 million people in the country. In November alone, it provided assistance to about 7 million people, up from 4 million in September.
McGroarty, the World Food Program representative in Afghanistan, said: "Afghanistan is facing an avalanche of hunger and poverty. This is a situation I have never seen in more than 20 years of working at WFP."
According to reports , WFP's latest telephone survey found that an estimated 98% of Afghans do not eat enough food, a worrying increase of 17% since August.
WFP said Afghan families are barely coping and are forced to resort to desperate measures as winter approaches, with 80% of families eating less and 70% relying on borrowed food to survive. ( China News Network )
5. Korean media: Aging is becoming increasingly serious, and South Korea is considering raising the working age standard to 69 years old
In the context of increasingly severe aging, according to South Korea’s "Central Daily News" reported on the 14th, the country’s government is considering Consider changing the standard for "working age population" from 15-64 years old to 15-69 years old.
It is expected that Seoul will enter a "super-aged society" in 2026. Image source Vision China
Data released by the South Korean government shows that in the next 50 years, South Korea's working-age population aged 15-64 will decrease by more than 20 million, and the total number will be less than today half. The cliff-like population decline will cause a series of problems and lead to further shrinkage of South Korea's economy.
For this reason, the South Korean government is considering expanding the scope of the working-age population as a response plan. According to reports, although this move will not change the demographic structure, it will help expand the application space of government economic policies, expand employment, and guide more people to participate in economic activities.
reported that according to the original working age standard of 15-64 years old, South Korea's old-age dependency ratio this year is 23.1 and will reach 100.6 in 2070. That is, every five working-age people in South Korea will support one elderly person this year, and 50 years later Every working-age population needs to support one elderly person. However, if the working-age population is calculated according to the new standards, South Korea's old-age dependency ratio will be only 14.2 this year and will only be 74.4 by 2070. ( Global Times )
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