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.
(For more biz stories, please visit Industry Updates)
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