5 Adjustment fund system to ensure pensions
The central government is adopting an adjustment fund system for basic pensions covering employees of enterprises, addressing different situations among provincial regions and ensuring punctual and full pension payments to retirees.
The State Council, China's Cabinet, said on June 13 the system, which will be put in place on July 1, will be based on the current pension system and will not add to financial burdens on businesses or their employees.
The adjustment fund system will draw a certain portion from provincial pension fund pools and redistribute it later, based on 90 percent of the average salary in each region and the number of people that should be insured.
6 Domestic roaming fees eliminated
Major telecom carriers China Mobile, China Unicom and China Telecom announced on June 22 they will eliminate charges for domestic roaming data use starting July 1.
The Ministry of Industry and Information Technology released guidelines in May to prompt mobile service operators to eliminate domestic roaming charges and to reduce data prices by at least 30 percent within the year.
7 Prices of high-speed rail tickets changed
China Railway Corporation announced changes in high-speed rail ticket price starting from July 5. Trains of six routes, namely Hefei to Wuhan, Wuhan to Yichang, Guiyang to Guangzhou, Liuzhou to Nanning, Shanghai to Nanjing, and Nanjing to Hangzhou with speed at 200-250 km/h, are included in the new fare list, with the biggest discount reaching 35 percent.
China Railway will implement a new train timetable starting from July 1, with Fuxing bullet train with 16 carriages starting to run for the first time.
8 More pre-tax deduction items for enterprises
Receipt vouchers, internal documents and tax slips can also be used as pre-tax deduction vouchers for enterprises starting July 1, which will reduce the burden of taxpayers, according to the Management Measure for Enterprise Income Tax Pre-tax Deduction Vouchers issued by the State Administration of Taxation.
9 10,000 yuan daily withdrawal limit for T+0 money fund redemption on internet
Starting from July 1, 2018, quick redemption for money fund on the internet will have a 10,000 yuan ($1,529.75) withdrawal limit for those bought and sold on the same day (T+0), according to the China Securities Regulatory Commission and the People’s Bank of China.
10 Research findings turn to cash for scientists and engineers
Scientists and engineers can receive 50 percent of their cash bonus through research findings transformation in their monthly salaries starting July 1, according to the Ministry of Finance, the State Administration of Taxation, and the Ministry of Science and Technology. This regulation applies to scientific and technological staff working for non-profit R&D and higher education institutions.
11 No substandard vehicle carriers on road
Starting July 1 all substandard vehicle carriers will be banned from the road, according to the Vehicle Carrier Management Work Plan issued by five government departments, including the Ministry of Transport, Ministry of Public Security and Ministry of Industry and Information Technology. All substandard vehicle carriers need to be upgraded or eliminated by June 30, the plan read.
