Shanghai lures the rich with local status

Article Abstract:

Shanghai is selling resident permits for wealthy Chinese as part of a strategy to attract wealthy investors to the city and revive its real estate business. Unlike the residence cards which were used by the Communist leaders to keep tabs on the people's activities, the permits are permanent and owners can choose the type, size and location of properties. Although several hundred people have already purchased permits, analysts are doubting whether the city will reach its goal of shoring up investors to Shanghai because of the steep costs of real estate properties.

Real Estate, Real Estate and Rental and Leasing, Marketing, Economic policy, Real estate industry

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Beijing struggles to boost tax revenue in line with overall economic growth

Article Abstract:

China needs to beef up its tax revenues to keep pace with its rapid economic growth. According to a tax study, tax revenues at the local and national levels in 1994 were equivalent to only 9.1% of GDP, a far cry from 31.2% in 1978. The study recommends the restoration of fiscal power through tax reforms. The decline in revenues is attributed to the enormous tax breaks provided to local governments and companies as part of the market reforms instituted by the Communist Party in 1978, which boosted the country's economy but resulted in lesser government revenue.

Public Finance Activities, Taxes NEC, China, Economic aspects, Taxation, Tax policy, Tax collection

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Beijing takes control of Shanghai market, imposes restrictions after bond scandal

Article Abstract:

Shanghai's bond futures market has been placed under government control as a result of a trading scandal in late Feb. 1995. Traders speculating on interest rate adjustments set off a frenzy in bond futures, prompting a government crackdown and an investigation of illegal trading. Some traders are unsure if they can settle millions of dollars in losses after the government ordered them suspend trading and settle their obligations. However, most traders expect no major bankruptcies as the government will ensure stability in the futures market.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Trading Regulations, Laws, regulations and rules, Futures market, Futures markets, Securities, Government securities, Securities law, Securities trading

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