Legislation

This law aims to regulate futures trading, to protect parties involved in such trading, and to promote the development of the futures market. Part Two covers the establishment of futures exchanges, as approved by the State Council's futures regulatory authority. Part Three deals with the formation of futures companies. Part Four sets out the basic rules of futures trading. Part Five provides a self regulatory system for the futures industry. Parts Six and Seven are concerned with the checks and control system, and legal liability of violators.

Stamp duty reduced to curb securities speculation.

Tax law revised to allow reduction and waiving of tax on savings interest.

Export tax rebate rate for garments dropped to 11%.

Tax policy on sale-leaseback transactions by foreign-invested real property developers clarified.

The CIRC reinforces contingency administration of major unexpected events in insurance asset management.

Transfer of shares by directors, supervisors and seniormanagement personnel curbed.

Taxes on assignment of land should be paid regardless of completion of formalities.

Income from the processing and sale of natural gas entitled to preferential tax treatment.