Briefs

Border Economy The State Council has recently issued a guideline calling for efforts to improve infrastructure and incomes in border areas. According to the guideline， China will boost advantageous industries， raise the level of opening up， improve the environment， uphold ethnic unity and consolidate national defense capacities in border areas. As frontiers of Chinas opening up and an important shield for territorial security and ecological security， border areas are of strategic significance in the nations reform and development drive， the guideline stated. Promoting the development of border areas will also be vital to social and economic development， national unity and friendly relations among China and other countries， it said.

One-Stop Customs Clearance Chinese authorities， in a move to facilitate trade and streamline administration， will work to promote an integrated “singlewindow” platform nationwide by the end of this year， allowing companies to declare cargo and taxes with a single submission. “By the end of this year， the singlewindow platform will be in use at all ports across the country，” said Zou Zhiwu， Vice Minister of the General Administration of Customs. In this years government work report， China committed to extending the single-window processing of international trade and achieving nationwide integration of customs clearance procedures. A standardized version of the single window is being developed， which consists of nine functions， including the declaration of cargo， transportation， and payment of taxes and fees， he said. An e-verification platform will be established for authorities to share declaration data， logistics control information and the credit standing of enterprises to create a better business environment， he added.

All-for-One Tourism China issued guidelines on June 12 to develop “all-for-one” tourism demonstration zones to encourage local governments to integrate tourism resources to improve tourism competitiveness and service quality. The demonstration zones should have high standards of govern- ance， extensive tourism products and services and active public participation， according to the guidelines released by the China National Tourism Administration. The idea of “all-for-one” tourism was first mentioned in this years government work report to cater to the countrys growing demand for tourism products and services and to facilitate economic restructuring.

Increasing Overseas Contracts Chinas project contractors witnessed a brisk growth in operating income and newly-signed contracts overseas last year due to transportation， electricity and construction projects， according to a recent industry report. Combined business revenue from contracted projects overseas increased by 3.5 percent year on year to $159.4 billion in 2016， stated the China International Contractors Association in the report. These companies signed new contracts last year totaling$244 billion， surging 16.2 percent year on year in 2016. Countries along the Belt and Road will continue to be growth engines for Chinese contractors overseas business， but they are also confronted with challenges including homogeneous competition among peers and mounting financing stress in some African and Latin American countries， it noted.

Rural Financing China announced on June 13 it will continue tax breaks for financial institutions lending to rural households to support the development of financial services in rural areas. Financial institutions will be exempt from value-added taxes for interest income from small loans to rural households from January 1， 2017 to December 31， 2019， according to a notice from the Ministry of Finance and the State Administration of Taxation. In addition， only 90 percent of such income will be subject to income taxes. Similarly， only 90 percent of insurance firms premium income from policies sold to rural agricultural busi- nesses will be taxable. Under the preferential tax policy， small loans refer to loans of no more than 100，000 yuan （$14，713） borrowed by a rural household at one time. Total outstanding loans for the household should also not exceed the figure.

Private Banking Boom With the rapid growth of personal wealth， China has become the worlds second largest wealth management market， which has brought opportunities and challenges for private banking business， the Investor Journal reports. Private banking， as one of the high-end financial services， consists of banking， investment and other financial services provided by banks to high-networth individuals， with assets available for investment exceeding $1 million. According to a report released by PY Standard， a financial planning data provider， 22 commercial banks provided private banking business in China at the end of 2016. Last year， the number of domestic private banking clients totaled 570，000. The Bank of China had the largest amount of private banking clients， amounting to 95，000. The Industrial and Commercial Bank of China， followed by Agricultural Bank of China， ranked second and third respectively.