Chinese walker

Market Risk Management of Commercial Banks Guidelines

（Promulgated by the China Banking Regulatory Commission on 29 December 2004 and effective as of 1 March 2005.）

PART ONE　GENERAL PROVISIONS

Article 1　These Guidelines have been formulated in accordance with the PRC， Banking Regulation Law， the PRC， Commercial Banking Law and other relevant laws and administrative regulations in order to strengthen the management of market risks by commercial banks.

Article 2　For the purposes of these Guidelines， the term “commercial banks” shall refer to commercial banks established in the People‘s Republic of China according to law， including Chinese-funded commercial banks， wholly foreign-owned banks and Sino-foreign joint venture banks.
Read more…

Administration of Repurchase of Public Shares by Listed Companies Procedures (Trial Implementation)

PART ONE　GENERAL PROVISIONS

Article 1　These Procedures have been formulated in accordance with the Company Law， the Securities Law， the Administration of the Issuing and Trading of Shares Tentative Regulations and other relevant laws and administrative regulations in order to standardize the acts of repurchase of public shares by listed companies.

Article 2　For the purposes of these Procedures， the term “repurchase of public shares by listed companies” means the act whereby a listed company purchases its own public shares （hereafter， “shares”） and cancel such shares in accordance with the law in order to reduce its registered capital.
Read more…

Issues Relevant to the Levy of Individual Income Tax on the Income from Stock Option of Individuals Circular

Caishui [2005] No. 35

Ref no： 3230/2005.03.28

（Issued by the Ministry of Finance and State Administration of Taxation on 28 March 2005 and effective as of 1 July 2005.）

To the finance departments （bureaux） and local taxation bureaux of all provinces， autonomous regions， municipalities directly under the central government and municipalities with independent development plans：

To adapt to the remuneration system reform in enterprises （including domestic enterprises， foreign-invested enterprises and establishments set up by foreign enterprises in China） and strengthen the levy and administration of individual income tax， we hereby issue the following circular on issues relevant to the levy of individual income tax on income derived from enterprise stock option scheme in which the employees （including individuals with or without residence in China） participate：

1. Issues relevant to the levy of tax on income derived from stock option of employees
Read more…

 Establishment of Foreign-controlled and Wholly Foreign-owned Travel Agencies Tentative Provisions (Revised)

（Jointly promulgated by the China National Tourism Administration and the Ministry of Commerce on 12 June 2003 and effective 30 days after the date of promulgation.）

Article 1　These Provisions are formulated in accordance with the relevant laws on foreign-invested enterprises in China， the Administration of Travel Agencies Regulations and other relevant regulations， in order to adapt to the new situation in regards to China’s accession to the World Trade Organization， to further open up tourism industry to the outside world and to promote the development of travel agencies.

　　Article 2　These Provisions shall apply to foreign-controlled and wholly foreign-owned travel agencies established in the People’s Republic of China during the transition period prior to the specified time limit for China to carry out its commitments to the accession to the World Trade Organization.

　　Article 3　The overseas investor（s） of a foreign-controlled travel agency shall fulfil the following criteria：

　　1. be a travel agency or an enterprise that mainly engages in tourism business；

　　2. has an annual gross volume of tourism business of US$40 million or more；

　　3. be a member of the tourism association of its own country （or region）；

　　4. has a good international reputation and advanced experience in managing a travel agency； and

　　5. abide by Chinese laws and the relevant Chinese regulations on tourism.

　　Article 4　The overseas investor（s） of a wholly foreign-owned travel agency shall， in addition to fulfilling the criteria stipulated in Paragraphs （1）， （3）， （4） and （5） of Article 3， have an annual gross volume of tourism business stipulated in Paragraph （2） of US$500 million or more.

　　Article 5　The Chinese investor（s） of a foreign-controlled travel agency shall fulfil the criteria stipulated in Article 29 of the Administration of Travel Agencies Regulations.

　　Article 6　Foreign-controlled and wholly foreign-owned travel agencies to be established shall fulfil the following criteria：

　　1. conform to the development plans for tourism；

　　2. conform to the requirements of the tourism market；

　　3. the investors shall fulfil the criteria stipulated in Articles 3， 4 and 5 mentioned above； and

　　4. have a registered capital of not less than Rmb 2.5 million.

　　Article 7　Each overseas investor applying to establish a foreign-controlled or wholly foreign-owned travel agency shall only be approved to establish one agency in general.

　　Article 8　Applications for establishing foreign-controlled or wholly foreign-owned travel agencies shall be handled in accordance with the procedures for examination and approval of foreign-invested travel agencies as stipulated in the Administration of Travel Agencies Regulations.

　　Article 9　Foreign-controlled or wholly foreign-owned travel agencies shall not overtly or covertly engage in the business of overseas travel of Chinese citizens or travel of persons from other regions of China to Hong Kong and Macao Special Administrative Regions and Taiwan.

　　Article 10　The China National Tourism Administration and the Ministry of Commerce shall be responsible for the interpretation of these Provisions.

　　Article 11　These Provisions shall be effective 30 days after the date of promulgation.

Issues Relevant to Stock Investment with Insurance Funds Circular

In order to strengthen the administration of stock investment with insurance funds and safeguard against investment operational risks， and pursuant to the Administration of Stock Investment of Insurance Institutional Investors Tentative Procedures （“Tentative Procedures”）， Guidelines for Custody of Stock Assets of Insurance Companies （Trial Implementation） （“Custody Guidelines”）， we hereby notify you of issues relating to stock investment by insurance institutional investors as follows：

1. Insurance companies shall， in accordance with the special characteristics of funds of property and life insurance， formulate stock investment strategy plans and submit an application for engaging in stock investment business to the China Insurance Regulatory Commission.
Read more…

Reply of the State Administration of Taxation about the Issue Concerning the Individual Income Tax on the Stock Right Withdrawn by A Taxpayer

Guo Shui Han [2005] No. 130

The Local Taxation Bureau of Sichuan Province：

Your Request for Instructions for the Issue Concerning the Individual Income Tax on the Stock Right Withdrawn by A Taxpayer （No. 146 [2004] of the Local Taxation Bureau of Sichuan Province has been received. After deliberation， you are hereby given a reply as follows：
Read more…

Circular of the Ministry of Finance and the State Administration of Taxation on Adjusting the Stamp Tax Rate of Securities (Stock) Transaction

Cai Shui [2005] No. 11

Shanghai Municipal Financial Administration， Shanghai Municipal Administration of State Taxation， Shenzhen Municipal Financial Administration， Shenzhen Municipal office of State Taxation， Shanghai Stock Exchange， and Shenzhen Stock Exchange：
Read more…

The stock market is a place where stocks, bonds, or other securities are bought and sold. When you buy stocks or shares in a company you gain part ownership in that company.

Assorts of stocks in stock market:
Read more…

Recently I suggested that someday it might be illegal for untrained citizens to invest in stocks of individual companies because it is too risky. As regular readers know, I sometimes throw out provocative ideas just for the fun of it. I didn’t think much about that idea until after I wrote it. But the more I mulled it over, the more it started to make sense. So I’m going to develop that argument here.
Read more…

At first I just want to write something about eating out, which is one of the topic on my lessons the evening. I had thought a lot about this on my way to home. I changed my mind when I began to write , I was prefer to write something about the Stock Market, the crazy stock market.

Read more…