1. Friday May 25, 2018
      Home > BUSINESS
      Text:| Print|

      New QFII tax rules set to be published

      2012-01-31 09:07 China Daily     Web Editor: Zhang Chan comment

      Draft rules concerning the imposition of capital gains taxes on foreign qualified institutional investors (QFIIs) are ready to be published, and the tax can help to limit capital outflows and improve the quality of investment projects, analysts said.

      Regulators are soliciting opinions on the draft from institutional investors, including custodian banks and brokerages, according to a Sunday report in Caixin magazine, citing anonymous sources.

      The report didn't provide details about proposed rates of tax or the methods of calculation.

      Some global custodian banks and brokerages, including Citibank (China) Co Ltd and Morgan Stanley (China), said that they are not aware of the rules.

      "It is reasonable to levy this tax soon, because it can be seen as a way of strengthening capital controls for the central government that is aiming to prevent money outflows," said Jing Xuecheng, director-general of the Harmony Strategy Research Council think tank.

      China's foreign-exchange reserves declined to $3.18 trillion at the end of last year from US$3.2 trillion at the end of September, registering the first quarterly drop in more than a decade, according to data from the People's Bank of China.

      In addition, the central bank's yuan positions for foreign-exchange purchases declined by US$15.8 billion in the last month of 2011, compared with a drop of US$3.17 billion in October, indicating that the capital outflows were accelerating.

      According to the rules of the International Monetary Fund, governments have the right to take special measures to limit capital flows in order to reduce financial risks, said Jing.

      Since 2003, China has been granting licenses allowing foreign institutional investors access to its capital markets. In October last year, these institutions were allowed to make direct overseas investments in yuan.

      As of Jan 20, 117 foreign institutional investors with combined quotas of $22.24 billion were allowed to invest in the world's second-largest economy, according to the State Administration of Foreign Exchange.

      "It is not proper to impose high tax rates on these overseas investors, otherwise they may be frightened and quickly move their capital out," Jing said.

      Wu Xiaoqiu, director of the Financial and Securities Institute at Beijing's Renmin University of China, said that the current capital scale of QFII is out of step with the pace of the internationalization of the nation's financial system.

      "More rules that encourage the expansion of QFII quotas should be launched soon," Wu said.

      Comments (0)

      Copyright ©1999-2011 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 久操视频在线免费观看| 久99精品视频在线观看婷亚洲片国产一区一级在线 | 一区二区无码免费视频网站| 日韩精品无码永久免费网站| 亚洲三级视频在线观看| 久久精品国产69国产精品亚洲| 日韩免费一区二区三区| 中文字幕在线免费| 国产在线精品免费aaa片| 阿v视频免费在线观看| 亚洲一线产区二线产区区| 亚洲综合激情六月婷婷在线观看| 中文字幕亚洲图片| 亚洲精品国产精品国自产观看| 久久久久免费看黄A片APP| 亚洲精品免费在线视频| 在线免费播放一级毛片| 一级女性全黄久久生活片免费| 亚洲国产精品99久久久久久| 亚洲毛片基地4455ww| 亚洲欧洲精品在线| 亚洲精品国产手机| 亚洲视频2020| 久久亚洲精品国产精品| 久久精品夜色国产亚洲av| 亚洲日本乱码在线观看| 亚洲中文字幕无码日韩| 亚洲人成色7777在线观看| 亚洲一本大道无码av天堂| 亚洲精品国产日韩无码AV永久免费网| 麻豆国产入口在线观看免费| 黑人粗长大战亚洲女2021国产精品成人免费视频 | 亚洲午夜精品久久久久久app| 亚洲乱码卡一卡二卡三| 亚洲人成日本在线观看| 亚洲国产片在线观看| 亚洲中文字幕久久精品无码A | 69天堂人成无码麻豆免费视频| 中文字幕免费高清视频| 免费人成在线观看网站品爱网| 成人性做爰aaa片免费看|