China has prohibited the foreign acquisition of the Manus project and ordered the parties involved to unwind the deal, the office overseeing the country’s foreign investment security review mechanism said on Monday. The decision was issued by the office under the National Development and Reform Commission, which stated that it barred the investment in accordance…
BEIJING — The number of overseas visitors claiming China’s instant tax refund surged 12.96-fold within one year after the policy’s nationwide rollout, the State Administration of Taxation said Monday. During the same period, both the sales of tax refund-eligible goods and the total instant tax refunds jumped 9.35-fold year-on-year, official data showed. As an upgrade…
China has submitted a complaint to the European Commission over the EU’s proposed Industrial Accelerator Act, warning that the legislation would create “serious investment barriers and institutional discrimination” against Chinese companies and vowing countermeasures if Brussels pushes ahead, the Ministry of Commerce said Monday. The ministry submitted its official comments to the European Commission on…
BEIJING — China’s Ministry of Commerce said Monday that the European Union (EU)’s Industrial Accelerator Act (IAA) poses serious investment barriers and constitutes institutional discrimination. A ministry spokesperson said the Act imposes multiple restrictive requirements on foreign investment in four strategic emerging industries — batteries, electric vehicles, photovoltaics and critical raw materials — and includes…
Farmers work in a cooperative farm in Qilong village in Mingshan district of Ya’an, Sichuan province. CHINA DAILY As the central government calls for consolidating the country’s agricultural foundation, Zhan Zhaojie, a village Party chief in Sichuan province, marvels at his village’s progress. Zhan said that with the Wuyuan breeding and farming cooperative in operation,…
CAI MENG/CHINA DAILY In 2026, global economic growth momentum is expected to weaken, while the ongoing conflict in the Middle East heightens geopolitical risks. China will face significant external uncertainties. However, amid the push of a more proactive fiscal policy and the support of a moderately accommodative monetary policy, China’s fixed-asset investment growth is expected…
BEIJING — China’s finance ministry on Monday commended Moody’s decision to affirm China’s A1 sovereign credit rating and upgrade its credit outlook to stable. A ministry official said that this rating has reflected Moody’s recognition of the strong resilience demonstrated by China’s macroeconomic and fiscal strength amid external shocks, as well as new drivers and…
A billboard in Shanghai displays renminbi’s foreign exchange rates. China Daily The renminbi’s rising prominence in global foreign exchange options is not an isolated development, but part of a broader, accelerating expansion of the Chinese currency’s international role across investment, financing and commodity pricing, analysts said. According to the London-based clearing house LCH, the yuan…
Regulators in China have banned online platforms from marketing illegal financial activities such as virtual currency issuance and trading. The ban is part of moves to strengthen the regulation of the online promotion of financial products and better protect investors. The People’s Bank of China, the country’s central bank, and seven other authorities released a…
China’s general public budget revenue grew 2.4 percent year-on-year in the first quarter, hitting a three-year high for the January-March period, the Ministry of Finance said on Friday. Revenue came in at 6.16 trillion yuan ($901.6 billion), an acceleration of 1.7 percentage points from the January-February level, Wang Jianxun, director of treasury payment center with…