China Updates – October 2020
- Tax data shows a rapid rebound in service consumption during the National Day holiday
- China sets up national fintech certification center in Chongqing
- Announcement of the General Administration of Customs on Promulgation of the Decision on Commodity Classification for 2020
- Facilitation Measures Regarding the Renewal and Reissuance of Hong Kong and Macao Residents Entry and Exit Permits
- Notice on Issuance of the Implementation Measures on the Administrative Assessment for Talent Green Cards in the Guangzhou Huadu District (Hua Ren She Gui Zi  No.2)
Tax data shows a rapid rebound in service consumption during the National Day holiday
The State Taxation Administration (STA) indicates that the consumption of goods and services in China showed a positive trend during the National Day holiday. During the eight–day national holiday, the goods market remained active. For instance, the average daily sales revenue of Chinese wholesale and retail trade had a 14.1 percent increase year-on-year. The consumption of sports goods, second-hand vehicles, durable goods, cosmetics, and hygiene products, and furniture has also shown a double-digit percentage increase.
China sets up national fintech certification center in Chongqing
According to the People’s Bank of China (PBOC), China established a national fintech certification center in Chongqing municipality. This center marked a significant step in the implementation of the Fintech Development Plan (2019-2021) and the establishment was an active measure to improve the regulatory framework for fintech, said Fan Yifei, Deputy Governor of the PBOC. Safeguarding the integrity, innovation, safety, and compliance in fintech development is the top priority. Especially, its purpose is to strengthen the joint governance system for fintech in China.
CUSTOMS & INMIGRATION
Announcement of the General Administration of Customs on Promulgation of the Decision on Commodity Classification for 2020
The General Administration of Customs (GACC) of the PRC has taken steps to guarantee the standardization and uniformity over the commodity classification system (stipulated on Annex I). As a response to the current import and export situation of commodities and international trade that China faces, the Commodity Classification Opinions of the Committee on the World Customs Organization Coordinating System have been transformed into the commodity classification decision (stipulated on Annex II). The previous commodity classification became invalid and a new classification has been promulgated (stipulated on appendix III). This implementation shall enter into force on 1 October 2020. In case of any new regulations, the previous stipulation shall become invalid while the new one will come into effect simultaneously.
I. Relevant Commodity Classification Decisions.
II. Commodity Classification Decision on the Transformation of Commodity Classification Opinions Given by the Committee on the World Customs Organization Coordinating System.
III. Commodity Classification Decisions Losing Effect in 2020.
Facilitation Measures Regarding the Renewal and Reissuance of Hong Kong and Macao Residents Entry and Exit Permits
Residents of Hong Kong and Macao who want to work and study in Mainland China can now renew and reissue their corresponding Resident Entry and Exit Permits (“Home Return Permits”) in Mainland China starting from 10 October 2020. The process will be similar to that in Hong Kong and Macao.
Notice on Issuance of the Implementation Measures on the Administrative Assessment for Talent Green Cards in the Guangzhou Huadu District (Hua Ren She Gui Zi  No.2)
In Guangzhou, the Huadu District authorities have issued measures to grant Green Cards to residents who meet certain talent criteria. Legal residents who work or have started a business for over 6 months in the district and meet the criteria in the third article of the “Guangzhou Talent Green Card System” can apply for the Talent Green Card. The measures took effect from 11 September 2020 and have a validity of 5 years.