https://www.scmp.com/rss/522296/feed The Ministry of Finance (MOF) is a governmental body in China, headquartered in Beijing. As a constituent department of the State Council, its primary mission is to administer macroeconomic policies, manage the national annual budget, and oversee fiscal policy, economic regulations, and government expenditure. Its main areas of activity include formulating and implementing public finance and taxation strategies, drafting relevant laws, managing central government revenue and expenditure, and... en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Xinyi Wu Xinyi Wu Several major Chinese banks have clawed back staff bonuses or cut salaries amid a sluggish economic recovery and Beijing’s ongoing scrutiny of the financial sector. In their annual reports, an increasing number of lenders, ranging from state-owned institutions to commercial banks, are disclosing the amount of performance-based compensation reclaimed from their employees last year. State-owned Bank of China recovered 47.18 million yuan (US$6.9 million) from 4,630 individuals in 2025, according to... https://www.scmp.com/economy/china-economy/article/3349497/more-chinese-banks-claw-back-bonuses-cut-salaries-despite-mixed-profit-recovery?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3349497/more-chinese-banks-claw-back-bonuses-cut-salaries-despite-mixed-profit-recovery?utm_source=rss_feed Thu, 09 Apr 2026 07:00:43 +0000 Xinyi Wu Xinyi Wu When a friend received a text message from the mainland Chinese tax authorities asking her to ensure that all her declared income – including income from abroad – was accurate, Fan, a finance professional who asked that her full name not be used, was shocked. Her friend was now coordinating with the authorities to settle the outstanding taxes on her overseas trading, she said, adding that “there is no alternative but to comply” with such texts and that the incident had left her on guard about... https://www.scmp.com/economy/china-economy/article/3349257/how-china-tax-crackdown-undeclared-overseas-income-targeting-retail-investors?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3349257/how-china-tax-crackdown-undeclared-overseas-income-targeting-retail-investors?utm_source=rss_feed Wed, 08 Apr 2026 04:00:09 +0000 He Huifeng He Huifeng China will carry out its second round of frozen pork stockpiling this year for state reserves after live hog prices in March fell to their lowest level in nearly eight years, as policymakers seek to cushion a deepening plunge that is hurting rural incomes and adding to deflationary pressure. The Ministry of Commerce said on Thursday that it would work with the National Development and Reform Commission (NDRC) and the Ministry of Finance to undertake pork stockpiling. “The Ministry of Commerce... https://www.scmp.com/economy/china-economy/article/3348920/china-boost-frozen-pork-reserves-hog-prices-tumble-multi-year-troughs?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348920/china-boost-frozen-pork-reserves-hog-prices-tumble-multi-year-troughs?utm_source=rss_feed Fri, 03 Apr 2026 09:00:17 +0000 SCMP Reporter SCMP Reporter China’s Ministry of Finance released its draft 2026 budget report, including plans for a more proactive fiscal policy to support the domestic market, advanced technology and public welfare. Major central government expenditures: National defence: 1.91 trillion yuan, up 7 per cent Debt interest payments: 874 billion yuan, up 6.7 per cent Science and technology: 426 billion yuan, up 10 per cent Public security: 258 billion yuan, up 5.9 per cent Education: 192 billion yuan, up 5 per... https://www.scmp.com/plus/economy/china-economy/article/3345507/draft-budget-report-2026?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3345507/draft-budget-report-2026?utm_source=rss_feed Thu, 05 Mar 2026 03:55:49 +0000 Resty Woro Yuniar Resty Woro Yuniar Indonesia is trying to engineer a Ramadan spending boost, rolling out transport fare cuts and food handouts to shore up consumption during its busiest shopping season, but economists question how far the temporary support can go in lifting growth. The 12.83 trillion rupiah (US$762 million) stimulus package unveiled ahead of the Muslim fasting month, which culminates in Eid ul-Fitr, is meant to keep people travelling and shopping despite rising food prices and softer purchasing power. In a... https://www.scmp.com/week-asia/economics/article/3343826/will-indonesias-us762-million-ramadan-stimulus-be-positive-boost-economy?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3343826/will-indonesias-us762-million-ramadan-stimulus-be-positive-boost-economy?utm_source=rss_feed Tue, 17 Feb 2026 10:00:23 +0000 CNA CNA The median monthly household income in Singapore rose to S$12,446 (US$9,250) last year, up from S$11,558 the year before, an increase of 6.8 per cent after adjusting for inflation. After accounting for household size, the median monthly household income per household member rose by 7.5 per cent in real terms, from S$3,837 in 2024 to S$4,160 in 2025. The figures were released on Monday in the Key Household Income Trends 2025 paper by the Singapore Department of Statistics (Singstat). In a video... https://www.scmp.com/news/asia/southeast-asia/article/3342918/singapore-wage-growth-outpaced-inflation-most-2025-wong-says?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3342918/singapore-wage-growth-outpaced-inflation-most-2025-wong-says?utm_source=rss_feed Mon, 09 Feb 2026 09:06:41 +0000 Ji Siqi Ji Siqi China has tightened tax incentives and raised preferential rates in several sectors as part of a broader push to generate more government funds, after experiencing a sharp drop in fiscal revenues amid an economic slowdown and persistent deflationary pressure. The Ministry of Finance and State Taxation Administration released a slew of detailed provisions for the country’s new value-added tax (VAT) law over the weekend, which included raising the rate applied to telecommunication services from 6... https://www.scmp.com/economy/china-economy/article/3342098/china-pushes-shore-government-finances-tax-rises-several-sectors?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342098/china-pushes-shore-government-finances-tax-rises-several-sectors?utm_source=rss_feed Mon, 02 Feb 2026 13:30:11 +0000 Xinyi Wu Xinyi Wu Chinese authorities have signalled a new wave of measures to bolster domestic demand and hi-tech industries in the coming year, as Beijing seeks to rebalance growth and shore up momentum during its next five-year plan. On Tuesday, China’s top economic planner announced initiatives to boost consumption and technology investments, while the finance ministry unveiled programmes offering financial support to individuals and small businesses, following mixed economic data for 2025 released the day... https://www.scmp.com/economy/china-economy/article/3340573/china-targets-hi-tech-industries-domestic-demand-2026-new-policy-package?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3340573/china-targets-hi-tech-industries-domestic-demand-2026-new-policy-package?utm_source=rss_feed Tue, 20 Jan 2026 11:00:42 +0000 Alice Li Alice Li China has ramped up audits involving online influencers and high-wage earners, as part of broader efforts to expand tax revenue and refine the taxation system. The State Taxation Administration on Wednesday spotlighted two fresh cases involving influencers in the centrally administered city of Chongqing and in Gansu province. In Chongqing, authorities ordered an influencer surnamed Peng – who has 30 million followers and works in online video production and commercial advertising – to pay 4.15... https://www.scmp.com/economy/china-economy/article/3340007/china-targets-wealthy-influencers-audits-fines-fiscal-pressures-rise?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3340007/china-targets-wealthy-influencers-audits-fines-fiscal-pressures-rise?utm_source=rss_feed Thu, 15 Jan 2026 12:00:09 +0000 Zhu Wenqian Zhu Wenqian China will lower value-added tax (VAT) on individual home resales from January 1, but while the measure has drawn interest from consumers, property agents have said most remain cautious and are adopting a wait-and-see approach. The policy would work to a certain extent, but its ability to revive the housing market was likely to be limited, they added. Individuals selling residential properties within two years of purchase would now be subject to a VAT rate of 3 per cent, down from 5 per cent,... https://www.scmp.com/business/banking-finance/article/3338284/china-housing-market-gets-vat-relief-resales-demand-outlook-stays-subdued?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3338284/china-housing-market-gets-vat-relief-resales-demand-outlook-stays-subdued?utm_source=rss_feed Wed, 31 Dec 2025 09:30:12 +0000 He Huifeng He Huifeng China has unveiled the details of an extension to its popular consumer goods trade-in scheme, a policy which has helped to fuel short-term boosts in consumption and contributed to the achievement of nationwide targets for economic growth. On Tuesday, the National Development and Reform Commission (NDRC) – the country's top economic planner – announced with the Ministry of Finance that 62.5 billion yuan (US$8.93 billion) in ultra-long-term special bonds would be fast-tracked to local governments... https://www.scmp.com/economy/policy/article/3338298/china-rolls-out-trade-funding-2026-campaign-spur-spending-continues?utm_source=rss_feed https://www.scmp.com/economy/policy/article/3338298/china-rolls-out-trade-funding-2026-campaign-spur-spending-continues?utm_source=rss_feed Wed, 31 Dec 2025 09:00:09 +0000 Daniel Ren Daniel Ren Beijing has renewed a trade-in subsidy for car purchases, at least a week ahead of schedule, in an apparent effort to prop up the country’s automotive sector amid worries of a sales slump in 2026. Buyers who replace their petrol and electric cars with new vehicles would receive a cash subsidy of up to 20,000 yuan (US$2,858) per unit, according to a circular jointly released on Monday by the National Development and Reform Commission and the Ministry of Finance. The authorities were earlier... https://www.scmp.com/business/china-business/article/3338281/beijing-renews-trade-subsidy-scheme-amid-domestic-car-markets-gloomy-outlook?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3338281/beijing-renews-trade-subsidy-scheme-amid-domestic-car-markets-gloomy-outlook?utm_source=rss_feed Wed, 31 Dec 2025 08:30:08 +0000 Enoch Yiu Enoch Yiu Mainland China will cut or waive value-added tax (VAT) on the resale of homes by individuals from Thursday, in its latest move to shore up a property market that has been stuck in a prolonged slump. Under the new rules, individuals who sell a residential property within two years of buying it will pay VAT at 3 per cent, down from 5 per cent, according to a joint statement released on Tuesday by the Ministry of Finance and the State Taxation Administration. The policy does not apply to corporate... https://www.scmp.com/business/article/3338209/beijing-trims-property-resale-tax-fresh-push-stabilise-housing-market?utm_source=rss_feed https://www.scmp.com/business/article/3338209/beijing-trims-property-resale-tax-fresh-push-stabilise-housing-market?utm_source=rss_feed Tue, 30 Dec 2025 16:25:51 +0000 Orange Wang Orange Wang China will expand government spending to spur consumer demand and shore up investment in public services to strengthen the economy next year, the country’s financial authorities said on Sunday. The Ministry of Finance outlined the 2026 priorities as it wrapped up the annual two-day national fiscal work conference on the weekend. At the top of the list of tasks, the ministry said, was building a robust domestic market through “vigorously boosting consumption” and “actively expanding effective... https://www.scmp.com/economy/china-economy/article/3337950/consumer-demand-and-public-services-top-chinas-financial-priorities-2026?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3337950/consumer-demand-and-public-services-top-chinas-financial-priorities-2026?utm_source=rss_feed Sun, 28 Dec 2025 13:07:43 +0000 Alice Li Alice Li The State Council has approved draft regulations for implementing China’s new value-added tax (VAT) law, which is aimed at governing the country’s largest source of tax revenue and set to come into effect early next year. The regulations, released for public consultation in August and approved on Friday, give detailed rules for enforcing the VAT law. Approval by the cabinet signals the regulations are moving closer to finalisation ahead of the law’s expected implementation. The VAT law was... https://www.scmp.com/news/article/3337231/chinas-cabinet-clears-path-vat-law-take-effect-next-month?utm_source=rss_feed https://www.scmp.com/news/article/3337231/chinas-cabinet-clears-path-vat-law-take-effect-next-month?utm_source=rss_feed Sun, 21 Dec 2025 09:06:43 +0000 Aileen Chuang Aileen Chuang China’s €4 billion (US$4.6 billion) euro-denominated bond sale has drawn record demand, highlighting robust investor confidence in its sovereign assets amid a global shift towards diversification. International and regional investors placed €100.1 billion in orders for the offering – 25 times the fundraising target – China’s Ministry of Finance said in a statement on Wednesday. The seven-year tranche, issued alongside an equal-sized four-year tranche, attracted demand 26.5 times its allocation,... https://www.scmp.com/business/banking-finance/article/3333441/chinas-euro-bond-sale-sees-record-demand-signals-strong-investor-confidence?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3333441/chinas-euro-bond-sale-sees-record-demand-signals-strong-investor-confidence?utm_source=rss_feed Wed, 19 Nov 2025 12:53:25 +0000 Zhang Lin Zhang Lin China’s Ministry of Finance recently established a new debt management department, unifying the management of government debt quotas, issuance and redemption. What appears to be a simple adjustment reflects a profound shift in China’s economic governance. To counter the impact of the 2008 subprime mortgage crisis, China launched a 4 trillion yuan (US$563 billion) stimulus plan, shifting its growth model from exports to investment. From 2009 to 2014, growth was mainly driven by infrastructure... https://www.scmp.com/opinion/china-opinion/article/3332425/obscure-new-department-heralds-shift-chinas-debt-cycle?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3332425/obscure-new-department-heralds-shift-chinas-debt-cycle?utm_source=rss_feed Sun, 16 Nov 2025 08:30:11 +0000 Igor Patrick Igor Patrick China will join a Brazil-led coalition to link carbon markets across major economies, one of the key environmental proposals set to be adopted at Cop30 in Belem on Friday. The so-called Open Coalition for the Integration of Carbon Markets was created to align standards and make it easier for countries to trade carbon credits. Developed by Brazil’s Ministry of Finance, it is part of the government’s Ecological Transformation Plan, a broad strategy to combine economic growth with social inclusion... https://www.scmp.com/news/china/article/3332010/cop30-china-join-brazil-led-coalition-seeking-improved-carbon-trading-rules?utm_source=rss_feed https://www.scmp.com/news/china/article/3332010/cop30-china-join-brazil-led-coalition-seeking-improved-carbon-trading-rules?utm_source=rss_feed Fri, 07 Nov 2025 20:27:26 +0000 Enoch Yiu Enoch Yiu China’s Ministry of Finance returned to the international bond market for the first time in a year on Wednesday, offering US$4 billion in sovereign notes and giving international investors a chance to register their opinion on the country’s economic outlook amid receding trade tensions. The issuance in Hong Kong came just days after a truce in the long-simmering US-China trade dispute and followed Beijing’s unveiling of its 15th five-year plan for economic and social development. The offering of... https://www.scmp.com/business/markets/article/3331771/beijing-tests-economic-outlook-after-trade-truce-us4-billion-hong-kong-bond-offering?utm_source=rss_feed https://www.scmp.com/business/markets/article/3331771/beijing-tests-economic-outlook-after-trade-truce-us4-billion-hong-kong-bond-offering?utm_source=rss_feed Thu, 06 Nov 2025 08:42:19 +0000 Ji Siqi Ji Siqi China’s finance ministry has set up a dedicated department for managing government debt, with Finance Minister Lan Foan calling for “ironclad discipline” to prevent off-balance-sheet borrowing amid Beijing’s ongoing campaign to defuse local government debt risks. The new debt management department is now listed on the Ministry of Finance’s official website. Its director is Li Dawei, who was previously with the budget department and also led a ministry-affiliated government debt research and... https://www.scmp.com/economy/china-economy/article/3331485/china-sets-new-department-spearhead-government-debt-clean-drive?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3331485/china-sets-new-department-spearhead-government-debt-clean-drive?utm_source=rss_feed Tue, 04 Nov 2025 11:00:25 +0000 Alice Li Alice Li Beijing’s recent move to clarify standards for “domestically made products” in government procurement is designed to shore up the confidence of foreign companies operating in the country, according to an analyst. Effective January 1, “Made in China” goods will be granted a 20 per cent price preference over foreign-made goods in bidding for government contracts, according to a notice released by the State Council on Tuesday. Companies with different ownerships – state-owned, private or foreign –... https://www.scmp.com/economy/china-economy/article/3327635/beijing-clarifies-made-china-standards-giving-foreign-firms-national-treatment?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3327635/beijing-clarifies-made-china-standards-giving-foreign-firms-national-treatment?utm_source=rss_feed Thu, 02 Oct 2025 09:00:09 +0000 Xinyi Wu Xinyi Wu As China works to defuse its debt risks, and with unchained US borrowing rocketing skyward, Ray Dalio finds himself at the centre of an important conversation in Beijing – advising top officials as they face a delicate path ahead. Chinese officials rolled out the red carpet this week for the billionaire investor and founder of Bridgewater Associates – one of the world’s largest hedge funds – as his words of caution on the risks facing major global economies appear to be increasingly resonating... https://www.scmp.com/economy/china-economy/article/3326700/china-ray-dalio-discusses-global-debt-issues-beijing-seeks-his-counsel?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3326700/china-ray-dalio-discusses-global-debt-issues-beijing-seeks-his-counsel?utm_source=rss_feed Wed, 24 Sep 2025 11:00:10 +0000 Enoch Yiu Enoch Yiu Hong Kong's audit regulator imposed a combined HK$1.9 million (US$245,000) fine on Deloitte Touche Tohmatsu and two of its partners for multiple audit deficiencies related to two former listed companies from 2011 to 2013, the authority said on Thursday. The move was part of the first batch of disciplinary cases from the Accounting and Financial Reporting Council (AFRC) with the help of the mainland’s Ministry of Finance (MOF). “The successful completion of these disciplinary cases attests to the... https://www.scmp.com/business/banking-finance/article/3323541/hong-kong-audit-regulator-imposes-fine-us245000-auditor-deloitte?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3323541/hong-kong-audit-regulator-imposes-fine-us245000-auditor-deloitte?utm_source=rss_feed Thu, 28 Aug 2025 13:01:37 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma China unveiled new consumer-credit subsidies in a bid to boost domestic consumption as the first drop in new bank loans in 20 years compounded concerns about the pace of economic growth and deflation. The government will cover up to one percentage point of the annual interest rate for consumer loans taken out for single transactions of up to 50,000 yuan (US$6,958), according to a plan released on Tuesday. Larger purchases will be subsidised in key sectors including cars, childbirth support,... https://www.scmp.com/plus/article/3321864/china-prods-consumers-again-20-year-first-fans-slowdown-fears?utm_source=rss_feed https://www.scmp.com/plus/article/3321864/china-prods-consumers-again-20-year-first-fans-slowdown-fears?utm_source=rss_feed Thu, 14 Aug 2025 09:00:10 +0000 Sylvia Ma Sylvia Ma Beijing has unveiled a year-long plan to subsidise interest on personal consumer loans to spur spending, but analysts say that while it has symbolic importance, its impact might be modest given the small share of total consumption funded by borrowing. Individuals who take out consumer loans for purchases – including single transactions below 50,000 yuan (US$6,958) and higher amounts for purchases in key sectors such as cars and education – will have part of their interest costs covered by the... https://www.scmp.com/economy/china-economy/article/3321647/china-seeks-bolster-demand-subsidising-interest-costs-consumer-loans?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3321647/china-seeks-bolster-demand-subsidising-interest-costs-consumer-loans?utm_source=rss_feed Wed, 13 Aug 2025 01:33:02 +0000 Alice Li Alice Li China’s central bank confirmed on Friday that it had established a new financial stability committee to defuse the nation’s mounting debt risks, as a senior government adviser suggested that Beijing needed to inject 1 trillion yuan (US$139 billion) into the property sector to stabilise developers’ balance sheets. The suggestion by Yin Zhongli, a counsellor for China’s State Council, comes as Beijing continues to wrestle with a four-year property crisis sparked by developer Evergrande Group’s... https://www.scmp.com/economy/china-economy/article/3320691/new-committee-bailout-talk-china-launching-fresh-property-rescue-effort?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3320691/new-committee-bailout-talk-china-launching-fresh-property-rescue-effort?utm_source=rss_feed Mon, 04 Aug 2025 13:00:07 +0000 Carol Yang Carol Yang China has stepped up efforts to attract foreign investors, as policymakers look to bolster the domestic economy and safeguard its position in global supply chains amid negotiations with major trade partners. New tax breaks unveiled this week aim to encourage foreign firms to reinvest profits locally – part of a broader effort to restore confidence and signal openness as challenging trade talks continue with the European Union and United States. The Ministry of Commerce, the Ministry of Finance... https://www.scmp.com/economy/china-economy/article/3316512/china-rolls-out-tax-incentives-win-back-foreign-investors-amid-eu-us-trade-tensions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3316512/china-rolls-out-tax-incentives-win-back-foreign-investors-amid-eu-us-trade-tensions?utm_source=rss_feed Tue, 01 Jul 2025 10:00:32 +0000