Key Points from Chinese Government Working Report for 2018

Source: Bloomberg

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Import tariff cut:

China to lower import tariffs for vehicles and some consumer goods

Internet/Telecom:

China to cancel domestic Internet data roaming fees in 2018

China to cut rates for mobile Internet services by at least 30 percent this year

China to expand free wifi spots in public areas

China to lower broadband charges for families and enterprises

Opening up:

China to expand opening to foreign investment in telecom, new energy vehicle, healthcare and education

Tax and wages:

China to cut taxes for enterprises, individuals by 800 billion yuan this year

China to lift thresholds for levying personal income taxes, without elaborating

China to adjust level of minimum wages reasonably this year

Property:

Govt reiterates that housing is not for speculation and aims to develop housing rental market

China to steadily push forward legislation of property tax, without elaborating

Capacity Cut:

China to cut steel capacity by 30 million tons this year; to remove 150 million tons coal capacity

Financial regulations:

China’s overall economic, financial risks controllable

China to boost coordination among financial regulators

China totally able to prevent systemic risks

China to improve regulation for shadow banking, Internet financing