介绍:
Former Australian Prime Minister Kevin Rudd on Credit Rating
Anchor:
Chinese authorities are calling for a new international credit rating system that is objective, just, rational and balanced.
This comes as political leaders and business insiders gather at the World Credit Rating Forum here in Beijing.
At the forum, CRI's Luo Yu spoke about the credit rating with Kevin Rudd, the former Prime Minister of Australia.
Rudd is also member of the International Advisory Council of the Universal Credit Rating Group.
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Back anchor:
Former Prime Minister of Australia Kevin Rudd speaking with CRI's Luo Yu.
China's pension fund seeks investment in stock market
China's Ministry of Human Resources and Social Security (MHRSS) has released a draft guideline that allows pension funds to be invested in the stock market.
Besides the stock market, the fund may be invested in government and corporate bonds, major national construction projects and leading state-owned enterprises.
Li Zhong, spokesman for the Ministry of Human Resources and Social Security, says there are certain restrictions on the fund's investment in stocks and equities.
"The guideline restricts the maximum proportion of investment in stocks and equities to 30 percent of total net assets. The proportion is set to help manage risks in such investments. In practice, the actual proportion and timing are not managed by the government but rather by authorized market institutions. Such investments may not reach the maximum proportion very quickly."
Currently, the pension funds can only invest in bank deposits and treasuries.
The new rules aim to improve investment management and supervision of the social security fund and diversify investment channels.
The national outstanding pension fund stood at over three trillion yuan or around 500 billion U.S. dollars at the end of last year.
Beijing, Shanghai offer tax refunds to overseas tourists
It is being reported that Beijing and Shanghai are going to offer tax refunds to overseas tourists from July 1st.
An 11 percent VAT rebate applies to purchases of 500 yuan or more made on a single day at a participating store.
Under the new policy, foreign tourists who stay in the Chinese mainland for no more than 183 days can receive the tax rebate on consumer goods purchased at designated stores.
Tourists from Hong Kong, Macao and Taiwan can enjoy these same rights while visiting the mainland.
Refunds can be claimed on departure, which must be within 90 days of the purchases being made.
Yuan Baiwei with Shanghai Municipal Finance Bureau says the new policy will help attract more overseas visitors to the city.
"This is a favorable policy for the tourism industry. It will help attract more overseas tourists to visit and shop in Shanghai. It will further boost local economy and encourage Shanghai to make itself into a shopping paradise. "
The policy follows a trial program introduced in 2011 in Hainan province.
China continues to see deficit in foreign service trade
Official figures show China continued to see a deficit in foreign service trade in May.
Service trade deficit reached some 111 billion yuan or about 18 billion U.S. dollars in May, up about five percent from April.
Last month, China spent a total of 224 billion yuan in international service trade, double the 112.3 billion yuan it gained during the period.
Trade in services refers to the sale and delivery of intangible products such as transportation, tourism and telecommunications.
The data also shows that in May, China saw a surplus of nearly 360 billion yuan in foreign merchandise trade.
China's CRRC denies reports on buying Bombardier's railway business
China's high-speed rail maker CRRC Corporation has denied media reports that it plans to buy the railway business of Canadian transportation company Bombardier.
The company states that neither CRRC nor its subsidiaries have had plans to make such an acquisition.
Last week, media reports said that a plan announced by CRRC to purchase the stocks of a Hong Kong-listed company would pave the way for acquiring Bombardier's railway business.
CRRC announced on June 19 that its subsidiary CSR (Hong Kong), intends to subscribe 6.5 billion new stocks that may be issued by China Properties Investment Holdings.
The announcement triggered speculation that CRRC might use China Properties Investment Holdings as a shell company to increase financing for investment in Bombardier.
CRRC was formed by the merger of China's former top two train manufacturers, China North Railway (CNR) and China South Railway (CSR).
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