China had an extraordinary 2018, with many important steps impacting the Chinese and world economies.
Plan for rural revitalization strategy launched
Yang Peizhong, owner of Xinyi Family Farm, picks grapes in Xiantao, Central China's Hubei province, on July 7, 2017. [Photo/chinadaily.com.cn]
China launched a five-year rural revitalization strategy plan from 2018 to 2022 on May 31, which prioritizes developing agriculture and the rural economy, improves agricultural structure, and increases the supply of high-quality and green agricultural products.
Chinese A-shares debut in MSCI
A list of over 200 China A-shares is added to the MSCI's market indexes, including the MSCI Emerging Markets Index. [Photo/VCG]
Index provider Morgan Stanley Capital International Inc included Chinese A-shares at the close of trading on May 31, indicating China's ascension to the global financial stage.
MSCI added over 200 Chinese A-share companies to its indices, including the MSCI Emerging Markets Index, which has about $1.5 trillion in benchmarked assets.
Market access eased for foreign companies
China takes further steps in opening up its market to domestic and overseas investors. [Photo/VCG]
China rolled out a shortened Market Access Negative List on Dec 25 as a further move to standardize regulations in a transparent way and help level the playing field for foreign enterprises and private firms.
Experts said the list makes it easier for all market players to invest in China and is part of the country's efforts to fuel its opening-up drive.
The list, released by the National Development and Reform Commission and the Ministry of Commerce, consists of 151 items and 581 specific rules, down by 177 and 288, respectively, compared with the previous draft version.
Personal Income Tax Law amended
A woman smiles after counting her monthly earnings in Hangzhou, East China's Zhejiang province, on May 10, 2013. [Photo/VCG]
China raised the deduction baseline for the Personal Income Tax Law to 5,000 yuan ($725.88) per month on Oct 1, and added some special deduction items set to take effect on Jan 1, according to the Personal Income Tax Law amended on Aug 31.
The special deduction items include children's education, continuing education, severe illness expenses, and interest on mortgages and rent, which make the personal income baseline higher than 5,000 yuan.
E-commerce Law passed
A Chinese mobile phone user browses online shopping site Taobao, a part of Chinese e-commerce giant Alibaba Group, on his smartphone during the Taobao & Tmall 11.11 Global Shopping Festival in Ji'nan city, East China's Shandong province, on Nov 11, 2018. [Photo/IC]
China will increase the annual quota on cross-border e-commerce purchases for individual buyers to 26,000 yuan on Jan 1, according to the E-commerce Law passed by the Standing Committee of the National People's Congress on Aug 31.
Hainan Pilot Free Trade Zone established
A night view of Sanya bay in Hainan province. [Photo/VCG]
China rolled out a plan for establishing Hainan as a pilot free trade zone, the 12th and largest among its peers, on Oct 16.
The Hainan Pilot Free Trade Zone launched 100 construction projects with a total investment of 29.8 billion yuan from local governments and enterprises in and outside of Hainan in November.
China International Import Expo (CIIE) held
The CIIE logo and mascot Jinbao are showcased at a news conference in Shanghai on July 27, 2018. [Photo/chinadaily.com.cn]
China held the inaugural China International Import Expo from Nov 5 to 10 in Shanghai, attracting over 3,600 enterprises from more than 170 countries, regions and international organizations.
Themed "New Era Shared Future", the CIIE is a significant move for the Chinese government to give firm support to trade liberalization and economic globalization as well as actively open the Chinese market to the world.
It facilitates countries and regions from all over the world to strengthen economic cooperation and trade, and to promote global trade and world economic growth in order to make the world economy more open.
Taxes and fees reduced
China is expected to reduce enterprises' burdens by more than 1.3 trillion yuan in 2018. [Photo/VCG]
China announced more policies to support the real economy and technological innovation, which was expected to reduce enterprises' burdens by more than 1.3 trillion yuan ($188.5 billion) this year, said Minister of Finance Liu Yukun in October.
China-US trade frictions
President Xi Jinping shakes hands with his US counterpart Donald Trump in Buenos Aires, Argentina, on Dec 1, 2018. [Photo/Xinhua]
In March, US President Donald Trump signed a memorandum that could impose tariffs on up to $60 billion in imports from China and restrict Chinese investment in the United States. China was forced to fight back with reciprocal tariffs.
The two sides had several rounds of talks and negotiations.
China and the United States have made plans for face-to-face trade talks in January in addition to maintaining intensive telephone consultations, the Ministry of Commerce said on Dec 27.
President Xi and US President Donald Trump held a telephone conversation on Dec 29, expressing their willingness to push for implementation of their agreements reached during the G20 summit in Argentina.
Xi said both he and Trump hope to push for a stable progress of the China-US relations, adding that the bilateral ties are now in a vital stage.
Central Economic Work Conference
China plans substantial efforts to boost investment, promote consumption and technological innovation. [Photo/VCG]
China will make substantial efforts to boost investment, promote consumption and technological innovation, as well as increase imports and expand opening-up. These moves are all in line with requirements of the newly concluded Central Economic Work Conference.
