Mainland Chinese tourists look at goods at the Elements shopping centre in West Kowloon. Tourists bringing personal items back to China from Hong Kong will face lower taxes. Photo: Nora Tam

China cuts controversial tax on personal items bought overseas in move to boost consumption

  • The tax rate on products including computers, foodstuffs, gold and silverware, furniture and medicines will be lowered to 13 per cent from 15 per cent
  • Analysts doubt whether the minor tax break will have a material impact on China’s sluggish consumer confidence
Topic |   China economy

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Mainland Chinese tourists look at goods at the Elements shopping centre in West Kowloon. Tourists bringing personal items back to China from Hong Kong will face lower taxes. Photo: Nora Tam
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A residential community in Nanning, south China's Guangxi Zhuang autonomous region. Data shows that despite government warnings, China’s big banks are pouring loans into the property sector. Photo: Xinhua

China’s banks defy Beijing by pumping loans into property, despite economic slowdown

  • About half of new loans issued by China’s big six banks last year went to individual property buyers, despite Beijing’s orders to lend to private companies
  • Total business loans fell by half in 2018, while individual housing loans only slowed by 6.3 per cent
Topic |   China economy

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A residential community in Nanning, south China's Guangxi Zhuang autonomous region. Data shows that despite government warnings, China’s big banks are pouring loans into the property sector. Photo: Xinhua
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