Source: http://english.aljazeera.net/NR/exeres/64430693-7593-48A6-BD88-D6FEE787032C.htm
A new tax law is promising to make commerce in China more equal.
Under the new tax law, foreign-financed companies and Chinese enterprises will pay the same rate of 25 per cent, ending complaints about unequal treatment.
China is not only moving to make its tax law more equitable to promote sustainable development, but is also moving to provide it through investing its reserves to make its stocks stronger.
Two weeks ago, the Chinese market plunged and triggered a global sell-off, dragging down bourses in New York, Hong Kong,
London and elsewhere.
China‘s stock markets have grown rapidly in recent years but are subject to wild swings in prices and accusations of insider trading and other systemic abuses.Wen said a new investment arm created to handle some of
China’s $1 trillion in foreign exchange reserves will not affect holdings of US dollar-denominated assets.“It is true that in
China’s foreign exchange reserves, US dollar-denominated assets account for a large proportion,” he said.“I can assure you that by instituting such a foreign exchange company, it will not have an impact on the US dollar-denominated assets.”
China is believed to keep as much as 70 per cent of its reserves in US Treasury bills and other dollar-denominated assets.
China’s economy as well as the CCP’s control over it continues to be as strong as ever.
My wife, who is a Chinese citizen, owns a house in Shanghai. We have wanted to sell the house (current value at approximately U.S. $200,000.00).
However, from what we have been able to learn is that selling a house within 5 years of purchase carries an aggregate tax of up to 50%.
I cannot find a source to confirm this. I am also told that large sums of money cannot be taken out of China by private citizens.
Is there anyone who would be able to clarify or advise regarding this problem of ours?