BIZCHINA / Weekly Roundup

System to deal with nuclear accidents
(China Daily)
Updated: 2006-07-03 11:01

Tax losses

The nation's top auditor last Tuesday accused certain development zones that host foreign-funded companies of offering unwarranted preferential policies, resulting in losses of billions of yuan in taxes.

The audit authorities investigated 87 development zones in six municipalities and provinces, including Shanghai, Jiangsu and Zhejiang, and uncovered tax losses of 6.647 billion yuan (US$830 million).

Li Jinhua, known as the "iron-handed" auditor general, revealed these issues in a report on the audit results of the implementation of last year's central budget to the Standing Committee of the National People's Congress in Beijing.

Securities licences

China's four State-owned asset management companies (AMCs) will likely be granted licences to set up securities firms soon.

Dai Biao, a spokesman for the China Securities Regulatory Commission, confirmed that the State Council had already said the AMCs could enter the securities industry.

Three of the four AMCs  China Huarong, China Cinda and China Orient  will be the first to establish securities firms, leaving the fourth, China Great Wall, to follow.


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