介绍:
China set to waive all local tax preferences
Chinese Finance Minister Lou Jiwei says the government will cancel all preferential regional tax policies.
Lou says tax preferential policies run counter to market economy principles.
He adds such policies have caused unfair competition and market disorder.
"We have two solutions. One is to resolve the problem when policies with time limits expire, set time limit for those without time limits, and cancel those not approved. The other is for the central government to develop a unified rule and local governments will have to phase out such policies. The purpose is to ensure that the market, not regional preferential policies, plays the decisive role in the allocation of resources."
Lou was speaking at a press conference on the sidelines of the annual legislative session.
Tencent opens WeChat business payment services
Anchor:
Tencent is opening up its WeChat app to all business vendors.
Tencent has added support for brands, to allow customers to purchase items or services inside the app.
The service will work for both online purchases and in-store payments, where retailers can scan a QR code generated by the order placed within the app.
A deposit of 20-thousand yuan will allow vendors to set up accounts with WeChat to establish online transactions.
Tencent will charge a service fee of 0.6 percent for each transaction.
At the same time, China Unicom has announced its 200 brick-and-mortar sales outlets will adopt WeChat's online payment services.
For more on this we are joined by Mike Bastin, Visiting Professor of China's University of Economics and Business.
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That was Mike Bastin, Visiting Professor of China's University of Economics and Business.
China wealth fund's overseas returns weaken
China Investment Corporation, this country's sovereign wealth fund, is reporting a return of just over 8-percent from its overseas assets last year.
This figure is sharply lower than its nearly 11-percent returns registered in 2012.
In recent months, CIC has sold down its stakes in a number of energy companies.
It's also being reported CIC is considering selling its direct ownership stakes in certain assets such as oil-sands projects in Canada.
The fund is also said to be considering moving its North American base to New York from Toronto and expanding its presence in Europe.
Founded in 2007, CIC is tapped with investing some of this country's foreign-exchange reserves abroad.
First Apple fraud case in China ends
Five former employees of an Apple-authorized sales agent in east China's Wenzhou City have been sentenced for fraud.
The five received prison terms of between two and four years for substituting iPhone accessories with knockoffs.
This marks the first fraud case concerning counterfeiting Apple products in China.
They used the fraud to cheat 400,000 yuan (65,000 U.S. dollars) from Apple.
US Department of Commerce investigates China MSG production for dumping
The U.S. Department of Commerce says that it is carrying out a countervailing duty investigation against imports of monosodium glutamate, or MSG, from China.
The department alleges that Chinese producers and exporters of MSG have received countervailing subsidies from 13.41 percent to 404.03 percent.
The department launched anti-dumping and countervailing duty investigations against imports of monosodium glutamate at the request of Ajinomoto North America.
The Illinois-based company claimes that monosodium glutamate from China was sold at less than fair value in the U.S. market, with a dumping margin ranging from 64.77 percent to 204.69 percent.
The department is scheduled to make its final decisions in May 2014, unless the statutory deadline is extended.
Punitive duties would be imposed after both the Department of Commerce and the U.S. International Trade Commission make affirmative final rulings.
In 2013, US imports of monosodium glutamate from China were at an estimated 33.5 million U.S. dollars.
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