Guangdong's 45 Measures Promote Artificial Intelligence Empowering Various Industries
On June 6th, the Office of the People’s Government of Guangdong Province issued a document titled “Several Measures on Empowering Various Industries with Artificial Intelligence in Guangdong Province.” It aims to propel the high-quality development of the artificial intelligence (AI) industry, accelerate the formation of new productive forces, and construct a modern industrial system. This policy outlines a series of specific measures, including fortifying the foundation of the AI industry, constructing a new frontier of intelligent terminal products, and forging new engines for intelligent integration applications.
China-Ecuador Free Trade Agreement Takes Effect on May 1st, 2024
The China-Ecuador Free Trade Agreement (referred to as the China-Ecuador FTA) came into effect on May 1, 2024. It outlines that 90% of tariff items for goods originating from both China and Ecuador will have their tariffs mutually cancelled. Approximately 60% of these tariff items will see an immediate removal of tariffs upon the agreement taking effect.
According to the Chinese Ministry of Commerce (MOC), the FTA’s implementation will maximize trade and investment opportunities between the two nations, advance a thorough modernization of bilateral trade and economic cooperation, and benefit businesses and citizens in both.
Guangdong's Maritime Economy: Leading in the Nation for 29 Consecutive Years
According to the “Guangdong Maritime Economy Development Report (2024),” Guangdong’s maritime economy has maintained 1st place in the Nation for 29 consecutive years. In 2023, Guangdong’s maritime gross domestic product (GDP) reached 1.87781 trillion RMB, accounting for 13.8% of the regional GDP and 18.9% of the national maritime GDP. Guangdong’s maritime economy contributed 11.0% to the region’s economic growth, driving a 0.6% increase in regional economic growth. These figures not only highlight the impressive scale of Guangdong’s maritime economy but also underscore its significant contribution to the regional economy.
The State Administration of Taxation Introduced 12 New Measures to Support Small and Micro Enterprises
On June 6th, the State Administration of Taxation unveiled the 2024 “Spring Rain Nurtures Seedlings” action plan on its website, detailing 12 key measures aimed at supporting the development of small and micro-business entities, particularly in the sectors of technology innovation and manufacturing.
The initiative focuses on enhancing comprehensive policy guidance throughout the entire lifecycle of these businesses. This includes bolstering support for structural tax reductions and fee reductions to continuously enhance their core competitiveness. Special attention is directed towards small cross-border enterprises, addressing critical points such as tax declarations, changes in business types, operational model adjustments, and shifts in trade methods.
China Extends Tax Incentives for Import Goods Sold at Canton Fair for 2024-2025
In a bid to support the successful organization of the China Import and Export Fair, commonly known as the Canton Fair, a notice titled “Notice on the Continuation of Tax Incentives for Imported Goods Sold During the Exhibition Period of the China Import and Export Fair” has been issued. This notice confirms that for the years 2024 to 2025, the tax incentives for imported goods at the Canton Fair will be an extension of the policies implemented during the 2023 fair, with no changes to the content or list of eligible items.
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