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  • A Batch of Preferential Policies to Be Implemented in 2nd Half of 2018
  • Pensions to be adjusted by the Central Committee from July:

    The basic pension of retirees in enterprises and government institutions was raised by about 5% in 2018. At present, Shanghai has announced the specific implementation plan for pension adjustment, with the increased pensions for enterprise retirees as well as urban and rural residents issued on May 18, and the increased pensions for retirees in government institutions issued on June 20.

    Roaming charges for mobile data to be canceled from July:

    China Mobile, China Unicom and China Telecom respectively announced on June 22 that they would cancel the roaming charges for domestic mobile data from July 1, enabling cellphone users to use provincial mobile data across the country (excluding Hong Kong, Macao and Taiwan).

    Adjustment of deposit base of housing funds:

    Multiple cities in our country will adjust the deposit base of employees’ housing funds from July 1.

    Among them, the upper limit of monthly payment of Shanghai housing fund is RMB2,996, and the lower limit is RMB322; the upper limit of monthly payment of supplementary housing fund is RMB2,140.

    Reducing import tariffs on consumer goods in a wide range:

    China will reduce import tariffs on consumer goods on a large scale from July 1. According to the report, it is to reduce the MFN tax rate for some consumer goods involving 1,449 items, with the average tax rate falling from 15.7%t to 6.9%, representing an average drop of 55.9%.

    The “wholesale price” of natural gas for residents will be adjusted:

    The National Development and Reform Commission decided to straighten out the gate prices of residential gas and improve the price mechanism from June 10. Based on the standardized gate price, the supply and demand parties can negotiate to determine the specific gate price within the range of 20% up and without lowering limit, so as to link up with the price mechanism of non-residential gas.

    The import tariffs on motor vehicles will be considerably reduced from July 1:

    It is to reduce the import tariffs on vehicles and components from July 1, 2018. The tax rates for 135 tariff lines with the rate of 25% and 4 tariff lines with the rate of 20% for vehicles will be reduced to 15%; and the tax rates for 79 tariff lines with the rate respectively of 8%, 10%, 15%, 20% and 25% for auto components will be reduced to 6%. At present, the tariff accounts for 7% in our market guidance price determined by manufacturers. Take an imported car with a guiding price of about RMB900,000 in our country as an example, its import CIF is RMB240,000, and the tariff should be RMB60,000 when the tariff rate is 25%. After the rate reduced to 15%, the tariff shall be RMB36,000, with RMB24,000 less than before. Affected by the reduction of tariffs, the VAT and excise tax for vehicles will be reduced accordingly.

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