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Imported Goods see a reduction in Tariffs

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PTL Group
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on Sunday, 30 September 2018
in Business in China

The Customs Tariff Commission of the State Council issued an announcement regarding a reduction of tariffs on imported goods. The purpose of such a reduction is to meet the needs of the Chinese citizens, improving their quality of life, while promoting both structural reforms and openness of the Chinese market. Since 1st July 2018, the MFN tariff rates of 1,449 imported consumer goods have been lowered.

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The first ever China International Import Expo (CIIE)

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on Monday, 09 July 2018
in Business in China

The first ever China International Import Expo (CIIE) will take place this November in Shanghai. The Expo’s objective is to provide new opportunities for foreign countries & companies to expand their exports to China, sending a clear message to overseas investors: China is eager to open its market to new products and services from abroad. This initiative is just another tangible example of the government’s interest in affirming its openness to the globalized world.

The expo will be organized into two main areas: country pavilions for trade and investment, which will exclusively showcase products from a specific country or region, and the enterprise & business exhibition, which will allow foreign companies to exhibit themselves in two distinct sections: trade of goods (180.000) and trade of services (30.000). It is expected that a variety of sectors will be represented: High-end intelligent equipment, Automobile, Accessories & consumer goods, Culture & education, and many more. Consult the full list on the official CIIE website.

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International Leading IC Foundry’s Business Journey in China——An Interview with TowerJazz China Country Manager-Mr. Lei Qin

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PTL Group
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on Monday, 09 July 2018
in Business in China

Q: Could you please introduce the business and the history of TowerJazz?

A: TowerJazz, the global specialty foundry leader, specializes in manufacturing analog integrated circuits for more than 300 customers worldwide in growing markets such as automotive, medical,industrial, consumer and aerospace and defense, among others. Currently TowerJazz’s main business in China focuses on serving fabless companies by offering a broad range of customizable process technologies, including SiGe BiCMOS and RF CMOS (SOI and bulk) for radio frequency and high performance analog (HPA)applications; CMOS image sensor (CIS); power management, including BCD and 700V and its patented Y-Flash, the leading solution for non-volatile memory (NVM)and mixed-signal CMOS.

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Easier Market Access for Foreign Payment Firms: New Opportunities For Companies!

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on Friday, 29 June 2018
in Business in China

Rules for foreign-invested payment firms over Chinese market access have recently been changed by China’s central bank to promote openness and equality in their treatment towards foreign payment firms as compared to local payment firms. 

So far, foreign payment services have not – or hardly – been able to make RMB settlement in China. Even though global market leaders’ payment services, like Visa & MasterCard, are functional in Chinese market, but the payment is done through Union Pay settlement channel.  

These firms are required to have secure, regulated transaction and recovery systems in China with the capacity of processing payment services individually, according to the People’s Bank of China (PBOC).

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China Reduces Value Added Tax Rates and Adjusts Threshold

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on Friday, 29 June 2018
in Business in China

In line with last month announcement of implementing major value added tax (VAT) reform in 2018, China announced the first step in this reform process was enacted on the 1st of May. Two major changes are expected following this announcement: the first being a 1% VAT rate reduction for general tax payer and the second being an increase in the threshold for compulsory registration as general tax payer. These measures will apply to both domestic and foreign-funded companies (joint ventures, WOFE…) which is good news for all business entities in China. We delve a bit deeper to explore the impact of this announcement.

1% VAT Rate Reduction

Over the VAT three-tiered rate structure (17%, 11% & 6% rates), the 17% and 11% rates will be decreased to respectively 16% and 10%. The statement did not indicate any changes to the 6% VAT rate. 

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