China, already the world's second-largest luxury goods market, will soon slash import duties on opulent items to encourage wealthy local shoppers to buy more pricey cosmetics, watches and liquor, Chinese media said on Monday.
China's high import duties of 50 percent for cosmetics and 30 percent for high-end watches have driven many rich Chinese consumers to shop in Hong Kong, London and Paris, a trend that several Chinese ministries want to change, the 21st Century Business Herald reported.
Citing unidentified sources, the paper said China's finance ministry may unveil a revamped tax system before the National Day holiday in October so that Chinese consumers can buy luxury brands such as Christian Dior and Louis Vuitton at home over the Christmas and New Year holidays.
Flooding across eastern, southern and southwestern China has killed at least 175 people and is causing significant damage to vegetable crops, adding to upward pressure on food prices at a time when the government is battling to contain inflation.
The flooding, triggered by heavy rains that started early this month, has caused widespread suffering in more than a dozen provinces and regions, with state media calling it the worst in decades in some areas. In addition to the 175 known deaths, 86 people are missing and some 1.6 million people have been displaced by the flooding, which has caused more than $5 billion in damage as of Monday, the Ministry of Civil Affairs said. Official forecasts have predicted further rain in a number of the most-battered provinces.
The flooding has reduced vegetable output by about 20% from levels a year earlier in the worst-hit places, particularly in the eastern province of Zhejiang, and pushed grain and vegetable prices higher, according to state media. Vegetable prices are likely to continue to increase or remain high for about two weeks, the state-run Xinhua news agency on Monday cited Jin Changlin, a Zhejiang agricultural official, as saying.
Foreign big names in politics, business and academia are no stranger to podiums at cadre schools in China, but as the country grows interdependent with the outside world, their previously occasional lectures have become a compulsory course in the curriculum.
Last week, David O. Beim, professor of the Columbia Business School, held a course on global financial crisis at the China Executive Leadership Academy Pudong, a national cadre school in Shanghai.
The course, "China's Economic Future under a Global Perspective," was the longest one in a three-week financial training program for 50 middle-level officials from China's financial regulators, financial institutions, and state-owned enterprises under the central government.
The course resonated with program members so well that questions were raised one after another and discussions went over class time. Some of the members even asked the professor to continue the course at night.
China's marine patrol ship Haixun 31 arrived in Singapore on Sunday for a five-day visit, the first visit by a marine patrol ship to Singapore.
Speaking at the welcome ceremony at the cruise terminal, Captain M. Segar, director of the port division at Maritime and Port Authority (MPA) of Singapore, said the visit, following a visit to Singapore by China Maritime Safety Administration (MSA) Deputy Director Chen Aiping in May, "demonstrates the strong bilateral relationship between MPA Singapore and China MSA."
"The arrival of Haixun 31 affirms the solid and growing level of cooperation and understanding between MPA Singapore and China MSA," he said.
Liang Jianwei, director of Guangdong Maritime Safety Administration, said the visit was part of the exchange and cooperation programs agreed upon by the maritime authorities of the two countries during Chen's visit in May.
"China has become the third largest investor in London," said Paul Bromelow, the global sales director of London & Partners, the official foreign direct investment agency, Shanghai Securities News reported Friday.
At a ceremony for the establishment of the Beijing branch of London & Partners on June 16, Bromelow revealed China is a very important market for London and they would like to provide support for Chinese firms investing in the city.
"In the past three years, the percentage of Chinese capital accounting for the total amount of foreign direct investment (FDI) in London increased from 2 to 7 percent. With the approaching of the 2012 London Olympic Games, the business opportunities related to the Olympics will boom for many international firms including the Chinese counterparts," he said.
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