Chinese walker

It has been a 13-year journey from the preliminary work in 1994 to the passing of thePRC Enterprise Income Tax Law (referred to as “the EIT Law” hereafter) on 16th March 2007, which marked the completion of the unification of two tax systems for  domestically funded and foreign funded enterprises in China. It is a system innovation in the process of building socialism and a harmonized society within the country. To reap the benefits of the new tax system depends very much on its implementation in an effective manner. A few days ago, the State Council announced the long-awaited  Implementation Regulations of the PRC EIT Law (referred to as “the Implementation Regulations” hereafter), which is to come into play with the implementation of the  EIT Law.

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Commerce Minister Chen Deming said on Tuesday that he expected China’s foreign trade to grow about 18percent to 2.6 trillion U.S. dollars for 2008 as a whole, despite the downturn in foreign demand during the second half.

He also estimated that foreign investment had exceeded 90 billion U.S. dollars, up about 20 percent.

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Chairman LIU’s speech at the Caijing Magazine Annual Meeting

The year 2008 is an eventful year in the world financial history. The US subprime crisis has evolved into a global financial storm, which, in turn, has caused a downturn in the real economy that has reinforced the strains in the financial system. So far, the negative impact is universal and China is not immune to it. One year ago, when there was a huge debate on whether China could decouple from the world, I said it was only a myth. Now, the Caijing Magazine is offering us a valuable opportunity to look from the hindsight and lay a solid foundation for the future.

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BEIJING, Dec. 27 (Xinhua) — China’s top legislature on Saturday approved the revision of the Patent Law to allow inventors to apply for foreign patents before domestic ones for their inventions.

The revised law, which takes effect on Oct. 1, 2009, was adopted with 154 votes and four abstentions at the closing meeting of the sixth session of the 11th National People’s Congress (NPC) Standing Committee.

The change is aimed at encouraging innovation and improving China’s “international competitiveness”, Chen Guangjun, a senior official with the NPC’s Education, Science, Culture and Health Committee, said at a press conference after the legislative session.

Previously, the Patent Law stipulated that people, whose inventions were completed in China, must apply for domestic patents first before applying for a foreign one.

The new amendment also says Chinese inventors must first go through government scrutiny before applying for foreign patents to find out if such innovations should be made national secrets.

Inventions which have not undergone security checks will not begranted Chinese patents, according to the law.

The amendment applies to all inventions completed in China.

The Patent Law, which was enacted 1985, has had two major revisions in the past.