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China to extend tax incentives for overseas investors to attract more foreign investment******
BEIJING, Oct. 27 (Xinhua) -- China will extend the preferential tax policy for overseas investors investing in the mainland bond market, as part of its efforts to promote opening-up and attract foreign investment, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.
The meeting noted that China will continue to expand opening-up, leverage the strengths of its big domestic market and foster a more enabling business environment. More will be done to attract foreign investment and encourage more foreign investors to participate in China's domestic development through the bond market.
"We will make greater efforts to attract foreign investment, and welcome overseas investors to our bond market on the mainland," Li said.
The meeting decided that the policy to exempt overseas institutional investors from corporate income tax and value-added tax on their bond interest gains arising from investment in the mainland bond market will be extended till the end of the 14th Five-Year Plan period (2021-2025), i.e. December 31, 2025.
Competent departments shall go through the record-filing process with the Standing Committee of the National People's Congress in accordance with laws and regulations, and in the meantime strengthen market regulation and curb irregularities such as excessive speculation and market manipulation.
"We should respond proactively to the concerns of market entities, effectively conduct cross-cyclical adjustments and anchor market expectations to help enterprises survive and thrive," Li said. Enditem
Highlights of ISU World Cup Short Track Speed Skating series******
Ren Ziwei of China celebrates victory during the awarding ceremony after the men's 1500m final at the ISU World Cup Short Track Speed Skating series in Debrecen, Hungary, Nov. 20, 2021. (Photo by Attila Volgyi/Xinhua)。
Ren Ziwei of China celebrates victory after the men's 1500m final at the ISU World Cup Short Track Speed Skating series in Debrecen, Hungary, Nov. 20, 2021. (Photo by Attila Volgyi/Xinhua)。
Ren Ziwei (R) of China competes during the men's 1500m final at the ISU World Cup Short Track Speed Skating series in Debrecen, Hungary, Nov. 20, 2021. (Photo by Attila Volgyi/Xinhua)。
Gold medalist Ren Ziwei (C) of China, silver medalist Pascal Dion (L) of Canada and bronze medalist Park Jang Hyuk of South Korea celebrate during the awarding ceremony after the men's 1500m final at the ISU World Cup Short Track Speed Skating series in Debrecen, Hungary, Nov. 20, 2021. (Photo by Attila Volgyi/Xinhua)。
Wu Dajing (L) of China and Liu Shaolin Sandor of Hungary compete during the men's 500m final at the ISU World Cup Short Track Speed Skating series in Debrecen, Hungary, Nov. 20, 2021. (Photo by Attila Volgyi/Xinhua)。
Gold medalist Liu Shaolin Sandor (C) of Hungary, silver medalist Liu Shaoang (L) of Hungary and bronze medalist Ren Ziwei (R) of China celebrate during the awarding ceremony after the men's 500m final at the ISU World Cup Short Track Speed Skating series in Debrecen, Hungary, Nov. 20, 2021. (Photo by Attila Volgyi/Xinhua)。
Russian central bank hikes key interest rate******
A woman walks past a board showing currency exchange rates of the US dollar and the euro against Russian ruble in Moscow.
Russia's central bank more than doubled its key policy rate yesterday and unveiled some capital controls as it scrambled to shield the economy from unprecedented Western sanctions that sent the rouble tumbling to record lows.
The main interest rate will rise to 20 percent, its highest this century, from 9.5 percent to counter the risks of the rouble's rapid depreciation and higher inflation, which threaten Russians' savings.
"External conditions for the Russian economy have drastically changed," the central bank said, adding that the hike "will ensure a rise in deposit rates to levels needed to compensate for the increased depreciation and inflation risk.
The monetary authority also ordered companies to sell 80 percent of their foreign currency revenues, increased the range of securities that can be used as collateral to get loans and temporarily banned Russian brokers from selling securities held by foreigners. It did not specify which securities the ban applies to.
The emergency measures put the central bank on the frontline of defending Russia against a campaign by Western allies to isolate it economically.
The central bank has itself been targeted, with the West seeking to restrict its ability to deploy US$640 billion of forex and gold reserves and cut Russia's major banks off the SWIFT financial network, making it hard for lenders and companies to make and receive payments.
The rouble plunged nearly 30 percent to an all-time low versus the US dollar yesterday. The stock market and derivatives market remained closed.
Yesterday's steps by the central bank bolster other measures announced on Sunday, including an assurance that the bank would resume buying gold on the domestic market. It will also launch a repurchase auction with no limits and ease restrictions on banks' open foreign currency positions.
Finance Minister Anton Siluanov said that the government was ready to strengthen commercial banks' capital base if required.
Russians queued outside ATMs on Sunday, worried the sanctions could trigger cash shortages and disrupt normal life.