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China Expands RMB Qualified Foreign Institutional Investors Pilot Program
As part of China’s efforts to internationalize its currency, China initiated the “RMB Qualified Foreign Institutional Investors Pilot Program (RQFII Pilot Program)” at the end of 2011, which allows qualified foreign institutions to invest offshore RMB back into Mainland China’s capital market.
China Launches Support Program for Micro and Small-Sized Enterprises
China’s State Council released the “Opinions on Further Supporting the Development of Micro and Small-Sized Enterprises (MSEs) (guofa [2012] No.14)” on April 19, 2012, which put forward 29 supporting measures to help MSEs address the operational difficulties brought on by rising costs, a lack of financing options, and heavy tax burdens.
China Releases Notice on Thousand Foreign Experts Plan for 2013
China’s State Administration of Foreign Expert Affairs (SAFEA) recently released the “Supplementary Notice on Commencing Applications for the ‘Thousand Foreign Experts Plan’ of 2013 (hereinafter referred to as the ‘Notice’),” which lays out the specific requirements for eligible candidates under the Thousand Foreign Experts Plan.
Qianhai Launches Qualified Foreign Limited Partner Pilot Program
In the “Official Reply on Policies Concerning the Development and Opening-up of the Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone (hereinafter referred to as the ‘Reply’)” released by China’s State Council on June 27, 2012, Qianhai has been chosen as the experimental and demonstrative window for the opening-up of China’s financial sector.
China Clarifies Corporate Income Tax Treatment for Non-Resident Enterprises under VAT Reform
China’s State Administration of Taxation (SAT) recently promulgated an announcement concerning the corporate income tax (CIT) treatment for non-resident enterprises in the value-added tax (VAT) pilot reform (SAT Announcement [2013] No. 9, hereinafter referred to as the “Announcement”). The Announcement came into effect on February 19, 2013.
AIC Releases Requirements for 2012 Annual Inspection
The 2012 annual inspection season for Chinese enterprises officially began on March 1, 2013 and will end on June 30, 2013. The Administration of Industry and Commerce (AIC) recently promulgated a Circular to remind AIC-registered enterprises to undergo annual inspection on time, specifying the requirements for the inspection. All AIC-registered enterprises should fill out the relevant information in the online annual inspection system and submit the required documentation within this time period.
China-South Korea Sign Social Insurance Contribution Agreement and Protocal
China and South Korea signed the “Social Insurance Agreement between the Government of the People’s Republic of China and the Government of the Republic of Korea (hereinafter referred to as ‘Agreement’)” as well as the “Social Insurance Protocol between the Government of the People’s Republic of China and the Government of the Republic of Korea (hereinafter referred to as ‘Protocol’)” on October 29, 2012, aiming to solve the issues concerning double contributions of social insurance between the two countries.
Vietnam To Open Up Banking System
In an attempt to obtain additional capital for its already debt-ridden banking system, Vietnam is further opening the door to foreign ownership of its banks.
Vietnam To Revamp Its Economy
Vietnam has approved a plan to boost its economy by focusing on restructuring public investments, banks and state-owned enterprises (SOEs). Furthermore, in an attempt to generate sustainable growth by 2020, attention will also be placed on strictly controlling inflation.
High-Technology Law in Vietnam Sets High Investment Requirements
“Science and technology, along with education, have always been priorities in our national policy, but the [law on high technology] is the first legal document that institutionalizes that policy,” remarked Nghiem Vu Khai, Vice Chairman of the National Assembly’s Committee for Science, Technology and the Environment, in July 2009. It was at this time that Vietnam took a further step in developing its legal framework for its high-technology sector through the implementation of a new law on high-technology.
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