Tax evasion /

Cover story: Chinese streamer tax evasion calls for systematic tax reform

China’s recent record-breaking fine on a live celebrity shows authorities are toughening taxes on high-income people, but to close a loophole that allows tax evasion in the booming but underprivileged industry. regulated, a formal overhaul of the tax system is necessary, tax experts said.

Huang Wei, one of the highest paid live streamers known online as “Weiya”, has been ordered to pay 1.34 billion yuan ($ 210 million) in back taxes, late fees and fines after tax authorities in the eastern city of Hangzhou discovered that it had avoided taxes totaling 643 million yuan in 2019 and 2020 .

The case followed a total of 93.2 million yuan in fines imposed in November on two other influential streamers for tax evasion. Either way, the livestreamers evaded taxes primarily by setting up several sole proprietorships and partnerships and reporting the commission income and one-off charges as less taxed business income, the tax authorities said.

FINANCE & ECONOMY

Negative list /

China expands regulations on domestic listed companies abroad

China clarified further regulations for domestic companies seeking to register abroad when it released a new negative list for foreign investment on Monday.

In the list, which specifies which domestic companies foreign investors are not allowed to enter, authorities said Chinese companies from companies on the list can apply for overseas registration as long as they obtain regulatory approval and meet certain requirements.

the negative list (link in Chinese), published jointly by the National Development and Reform Commission of China and the Ministry of Commerce, comes into effect on Saturday.

Caixin explains: What China’s new investment rules mean for foreign investors

Carbon /

China to let local governments find their own ways to meet national carbon targets

China is going start to select local governments to conduct pilot programs to facilitate investment and finance for climate-related projects, as this encourages them to find their own ways to tackle climate change and finance the nation’s decarbonization campaign.

Climate investment and finance aims to channel more funds towards climate resilience, according to one workplan (link in Chinese) posted last week by the Ministry of Ecology and Environment, the People’s Bank of China and seven other state departments. The document defines the objectives and tasks for the realization of climate investments and the financing of pilot projects.

Year in review: China takes pragmatic approach to meet carbon emissions targets

Group of ants /

China Cinda buys 20% stake in Ant’s consumer credit unit

The consumer credit unit of the Ant group will receive 22 billion yuan ($ 3.5 billion) in new funding from a group of investors, including one of China’s public asset managers.

China Cinda Asset Management Co. will join a group of investors led by Ant Group in the new funding round of Chongqing Ant Consumer Finance Co. Ltd. Other investors include Sunny Optics, Boguan Technology, Yufu Capital and Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., according to documents filed by the company.

China Cinda will hold a 20% stake in the unit with an investment of 6 billion yuan.

Quick shots /

Chinese Province Offers $ 31,000 in baby loans to counter population decline

Mainland China, Hong Kong Stock Exchanges add ETFs to the stock connection program

Editorial: How government frugality can serve the people

TRADE AND TECHNOLOGY

A Delta Air Lines flight scheduled to land at Shanghai Pudong International Airport on Friday morning must have unexpectedly turned around over Russia after a six-hour flight from Seattle, media reported.

Flights /

China advises U.S. air passengers to anticipate changes after Delta flight returns

China warned passengers with plans to travel to China from the United States to anticipate flight changes after several flights were delayed or canceled, including one from Seattle to Shanghai that returned to the United States halfway.

The Chinese Embassy in the United States said in an opinion On Saturday, he complained to the airline involved and advised passengers to confirm the status of their flight and pass the necessary tests before boarding. The embassy and consulates will continue to urge U.S. airlines to guarantee the legitimate rights of passengers, the statement said.

A Delta Air Lines flight scheduled to land at Shanghai Pudong International Airport on Friday morning must have unexpectedly turned around over Russia after a six-hour flight from Seattle, media reported.

Renewable energy /

Renewable energy production in China exceeds 1 trillion kWh

China’s cumulative annual renewable energy production outmoded 1,000 billion kilowatt-hours (kWh) for the first time, a jump of a third from the same period last year as the country strives to meet climate targets by 2030.

Electricity from renewable sources totaled 1.04 trillion kWh in the first 11 months of this year, a 33% jump from 2020, according to data announced by the National Energy Administration (NEA) (link in Chinese) during a briefing on Friday.

Initial Public Offering /

Zhihu Q&A; denies reports of Hong Kong IPO

Zhihu Inc., the Chinese question-and-answer forum, media reports denied that she was about to undertake a secondary listing in Hong Kong, claiming the company had not heard the news.

Citing state media The Paper, Bloomberg reported on Saturday that the Beijing-based company planned to submit documents for a share offering in Hong Kong in January.

To be able to /

Chinese State Assets Regulator Takes Control of Southern Power Grid with Increase in Stake

The State Assets Supervisory and Administration Commission (SASAC), the central government’s state asset regulator, increased his stake in China Southern Power Grid Co. Ltd. at 51% versus 26.4% as part of a property restructuring plan aimed at improving corporate governance.

The change in ownership was announced at a Southern Power Grid conference on Saturday to discuss how it could achieve high quality development by optimizing its ownership structure. The restructuring plan, approved by the State Council, can be seen as an important measure to promote the development of China’s power industry and ensure the country’s energy security, said SASAC Chairman Hao Peng. .

Quick shots /

China Mobile steps up share sale be the second in the world in 2021

Energy Insider /

China unveils state-owned rare earth giant

GALLERY

Cold front blankets northern China in snow

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