Political Economy

China's pro-market reforms must not be on paper only

Illustration: Craig Stephens

The government's Central Economic Work Conference last weekend emphasised quality over quantity for China's future development. It is a laudable objective. But, unless the government is revamped, it will be hard to accomplish.

Friday, 8 May, 2015, 9:46am

Downturn erodes Li & Fung earnings

Global trading company Li & Fung says continuing gloom in the global economy dented its core earnings in the first half of the year.

Nevertheless, the company said its net profit jumped 33 per cent - buoyed by a writedown of acquisition costs.

15 Aug 2012 - 11:23pm

Bureaucrats pose the biggest threat to democracy in US

In the Soviet Union, capitalism triumphed over communism. In this country [United States], capitalism triumphed over democracy.

Fran Lebowitz, author

A friend of mine sent me this line the other day, heading the e-mail: 'Sad truth. She's American but 'this' could be many countries.'

29 Jul 2012 - 12:00am

CTA exam teaches global tax skills

Hong Kong plays an important role as an international financial hub in the global economy. To cope with ever-increasing amounts of global trade, effective tax planning and management is essential.

28 Jul 2012 - 12:00am

Beijing to expand tax reform trial

The mainland will expand a value-added tax (VAT) reform trial next month despite complaints about incomplete preparatory work that has caused businesses to end up paying more taxes in Shanghai.

27 Jul 2012 - 12:00am

Li Peng's thoughts get a big airing

In a rare move, People's Daily ran a full-page article yesterday about former premier Li Peng's new books on macroeconomics, as well as a commentary criticising mainstream Western economic thinking.

The article on Li's books comes at a politically sensitive time, ahead of a party congress this autumn that will see a once-in-a-decade transfer of power.

12 Jul 2012 - 12:00am

Firms get back part of tax payments

Shanghai tax authorities have begun refunding part of the taxes levied on business owners during a trial run in the city of a value added tax (VAT) intended to replace the sales tax.

Companies that have paid the VAT are now being compensated by the local government for part of the increase in their tax liabilities, according to taxation officials and business owners.

10 Jul 2012 - 12:00am

Calls to help poor via tax subsidies

The tax system could be reformed to increase the incomes of poor families and spare them the stigmatising effect of applying for handouts, say two members of a committee to tackle poverty.

21 Jun 2012 - 12:00am

Incentives expected to drive development

China's integrated circuit (IC) industry is expected to enter the next round of rapid development, driven by the investment and financing incentives announced by the government early last year. As a result, the industry will see active investment, financing and acquisitions, according to a new report by CCID Consulting.

23 May 2012 - 12:00am

Subsidies unveiled for energy-saving home appliances

In a move designed to boost domestic consumption and cut carbon emissions, the central government has earmarked 26.5 billion yuan (HK$32.5 billion) in subsidies for energy-saving home appliances.

17 May 2012 - 12:00am

Stagflation warning as expansion slows

Hongkongers have been warned to prepare for tough times after year-on-year economic growth fell to just 0.4 per cent in the first quarter - its lowest level in more than two years.

12 May 2012 - 12:00am

Firms seek deals but unsure on funding

One-third of mainland companies plan to grow through mergers and acquisitions in the next three years, but a considerable number don't know how to fund their ambition, a survey by Grant Thornton International indicates.

10 May 2012 - 12:00am

Tax experts call for review of laws

Hong Kong's outdated tax laws need a comprehensive review as they are contributing to disputes between companies and revenue authorities.

Ernst & Young global head of tax policy Christopher Sanger said in an interview in Hong Kong yesterday that there was an urgent need to update local tax laws in order to compete with other markets.

26 Apr 2012 - 12:00am

Mainland ready for revival

Despite a lacklustre performance in the mainland market for domestic and inbound mergers and acquisitions (M&A), industry specialists are cautiously optimistic about a pick-up this year.

19 Apr 2012 - 12:00am

'Tax relief' measure leaves some firms paying more

Mainland authorities have been left red-faced after a reform that was designed to ease tax burdens on service firms ended up levying increased payments.

26 Mar 2012 - 12:00am