A: The principles having been followed in the amended VAT regulations taking into consideration of the economic situation and the urgency of the transformation reform are as follows:
To help you understand and use Peony card, we specially introduce you about Peony card services improvement measures proposed by ICBC since May 2002.
Article I
Peony international credit card (hereunder referred to as the “international card”) is a kind of generally accepted credit card issued by ICBC granting the cardholder a certain credit line, within which the cardholder can consume first and make repayment later, and having the functions of overdraft consumption, account transfer & settlement, and cash deposit & withdrawal.
Dear Peony International Credit Card Holders:
China Industrial and Commercial Bank hereby extends its deep respect to you and thanks you for your persistent confidence and support to Peony Card.
I. In order to make it easy for cardholders to use cards, ICBC launched a series of service improvement measures according to international conventions, announced as below:
1. The following service measures have been launched in the cities of Beijing, Shanghai, Tianjin, Chongqing, Shenzhen, Xiamen, Qingdao, Dalian, Ningbo, Haerbin, Shenyang, Wuhan, Changsha, Chengdu, Xi’an, Kunming, Haikou, etc. and the whole provinces of Jiangsu, Guangdong and Zhejiang:
Here we are yet again in the midst of another “global economic crisis.” From the hilltops of Davos, Switzerland, Morgan Stanley’s permabear Stephen Roach has shouted warnings of potential economic “Armageddon.” Superinvestor George Soros designated the current state of the global economy “the worst market crisis in 60 years.” Bill Clinton labeled it “the biggest financial crisis since the Great Depression” —— even as global stocks responded by slumping 7.7% in January —— the worst start to an investing year since Morgan Stanley began publishing data in the 1970s.
US Treasuries closed higher in February on renewed economic concerns, which centred on the housing market as mortgage defaults rose sharply. Weaker than expected data also added to the upward pressure on prices and pushed the yield on the 10-year Treasury down to 4.56%. The German bund closed the month with a modest gain on market expectations that a weaker US economy would impact global growth, which in turn would slow the pace of interest rate increases from the European Central Bank
China shares fell in February with the H share and MSCI China indices down 3.3% and 1.7% respectively. Concerns that the central government may introduce measures to control speculation in the domestic stock market in anticipation of the annual National People’s Congress meeting triggered the selloff. China financials underperformed the market on profit taking and the People’s Bank Of China’s decision to absorb excess liquidity by increasing the reserve requirement ratio by 0.5% to 10% just before the week-long Chinese New Year holiday. Commodity stocks went up in February on global price rebound.Investors’ focus remained on the newly listed IPOs.
The much anticipated decision from the Bank of Japan, which increased interest rates rise from 0.25% to 0.5%, saw Japanese equities move sharply higher for most of the month as investors considered the move a vote of confidence from the central bank in Japan’s economy. The decision followed news that annualised fourth quarter Gross Domestic Product hit 4.8% against a forecast of 3.8%. Corporate results were also positive during the month, as retailers gained on hopes that a stronger economy would boost consumer spending. Over the month, the Topix index rose 1.8%, although much of the earlier positive performance was wiped out at the end of the month by the concerns centring on other Asian equity markets.
BEIJING, Dec. 26 (Xinhua) — Yi Gang, a senior official of China’s central bank, said Friday that the nation’s economic fundamentals are “in good shape” and urged people to have faith in the country’s growth.
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