Premier Li Keqiang announced the tax cuts in his annual work report at the “two sessions” meeting in March. Photo: Xinhua

China’s tax cuts were meant to boost its slowing economy, but will they end up hurting debt-ridden regions?

  • Premier Li Keqiang announced reductions in value-added and personal income taxes and a lowering of the social security contribution rate in March
  • The tax cuts are said to be worth 2 trillion yuan (US$298 billion), but local authorities are already asking for additional funding due to the economic slowdown
Topic |   China economy

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Premier Li Keqiang announced the tax cuts in his annual work report at the “two sessions” meeting in March. Photo: Xinhua
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Premiums collected from mainland Chinese visitors made up 30 per cent of Hong Kong’s annual total for personal insurance in 2018, almost double the level in 2015, according to figures from Hong Kong Insurance Authority. Photo: Sam Tsang

China’s middle class still seeking protection in Hong Kong’s insurance market despite forex crackdown

  • Premiums collected from mainland Chinese visitors made up 30 per cent of Hong Kong’s annual total for personal insurance in 2018
  • Beijing only allows a US$50,000 foreign exchange per year, while UnionPay has blocked citizens from buying insurance investment products in Hong Kong
Topic |   China economy

TOP PICKS

Premiums collected from mainland Chinese visitors made up 30 per cent of Hong Kong’s annual total for personal insurance in 2018, almost double the level in 2015, according to figures from Hong Kong Insurance Authority. Photo: Sam Tsang
READ FULL ARTICLE