Economic and Trade News

US: White House brewing a $3 trillion economic stimulus package

According to multiple US media reports on March 22, White House officials are preparing a $3 trillion economic stimulus package, the first part of which will provide funding for promoting manufacturing, addressing climate change, building broadband and 5G networks, and upgrading transportation infrastructure. (Source: Xinhua News Agency)

Brazil: Import tariffs on information and communication products, etc., to be reduced to zero

Recently, Brazil's Ministry of Economy's Foreign Trade Chamber (CAMEX) issued Decisions No. 171 and 172, reducing import tariffs on some capital goods, information, and communication products to zero. (Source: Economic and Commercial Office of the Chinese Embassy in Brazil)

Vietnam: Goods imported/exported under international treaties to be tax-exempt

According to VNA reported on March 22, the Vietnamese government recently issued Decree No. 18, adding Article 29a on tax exemption for goods imported or exported under international treaties, meaning import and export duties are exempted for goods imported or exported under international treaties to which Vietnam is a signatory. (Source: VNA)

Myanmar: Jade exports almost stagnant

According to Myanmar's "Global New Light of Myanmar" reported on March 22, data from Myanmar's Ministry of Commerce shows that as of mid-March in the current fiscal year, Myanmar's mineral exports amounted to US$496 million, a decrease of US$555 million compared to the same period last fiscal year. Affected by the epidemic, Myanmar's jade and jewelry fair has been suspended for over a year, and Myanmar's jade exports have almost come to a standstill. (Source: CCTV News App)

South Korea: Energy companies to form alliance to tackle carbon neutrality

According to Yonhap News Agency reported on March 23, industry insiders stated that more than 10 leading South Korean energy companies, including SK E&S, GS Energy, POSCO Energy, E1, and Doosan Heavy Industries, will form an "Energy Alliance" in April to address carbon neutrality policies. (Source: Yonhap News Agency)

Sri Lanka: To begin 5G spectrum auction by year-end

According to Sri Lanka's "Daily News" recently reported, the head of the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) stated that Sri Lanka will begin 5G spectrum auction by the end of this year.
(Source: Economic and Commercial Office of the Chinese Embassy in Sri Lanka)

China has completed RCEP ratification

The head of the Department of International Trade and Economic Affairs of the Ministry of Commerce stated on March 22 that China has completed the ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement, becoming the first country to approve the agreement. In addition, Thailand has also approved the agreement. (Source: Economic Daily)

Epidemic-related tax and fee preferential policies to be extended until December 31

On March 23, the Ministry of Finance and the State Taxation Administration issued an announcement on extending the implementation of certain tax and fee preferential policies for epidemic response. The tax preferential policies stipulated in the "Announcement of the Ministry of Finance and the State Taxation Administration on VAT Policies Supporting the Resumption of Work and Business for Individual Industrial and Commercial Households" will be extended until December 31, 2021. (Source: Official website of the Ministry of Finance)

E-cigarette industry faces regulation

On March 22, the Ministry of Industry and Information Technology solicited public comments on the "Decision on Amending the Regulations for the Implementation of the Tobacco Monopoly Law of the People's Republic of China (Draft for Comment)". The draft proposes that e-cigarettes and other new tobacco products shall be subject to the relevant provisions on cigarettes in the regulations. (Source: Official website of the Ministry of Industry and Information Technology)

Xiong'an New Area encourages innovative development of enterprises

Recently, the Management Committee of Hebei Xiong'an New Area issued "Several Measures of Hebei Xiong'an New Area on Supporting Enterprise Innovation and Development," which stipulates the scope of application, support content, subsidies, and reward standards for enterprise innovation and development. (Source: People's Daily)

Hubei Yichang Comprehensive Bonded Zone officially commences operation

On March 22, Yichang Comprehensive Bonded Zone officially commenced operation, making it the fourth comprehensive bonded zone in Hubei Province and filling the gap of no special customs supervision areas in the Yichang Area of Hubei Free Trade Pilot Zone. (Source: Hubei Daily)

A4 Copying Paper: Australia makes final anti-circumvention ruling

Recently, the Australian Anti-Dumping Commission announced that, effective from April 28, 2020 (inclusive), the scope of A4 copying paper imported from China, specifically weighing 70gsm to 100gsm per square meter, will be expanded to 67gsm to 100gsm.
(Source: China Trade Remedy Information Website)

Indonesia: Sorong Special Economic Zone, Papua

This special economic zone is located in Sorong Regency, West Papua Province, Indonesia. Investment and business development areas include nickel processing, fishery processing, palm oil processing, and wood processing. The special economic zone is currently attracting investment from Chinese enterprises.

(Source: China Trade and Investment Network)