Tax and fee cuts

CHINA expects to cut taxes and fees by more than 2.3 trillion yuan (US$326.85 billion) in 2019, Finance Minister Liu Kun said at an event in Beijing on Friday, Caixin reported.

The State Council had previously said it expects cuts this year to exceed 2 trillion yuan, following original plans of nearly 2 trillion yuan in reductions. Many local governments are facing increasing fiscal strains as the tax cuts and the broader economic slowdown reduce their revenues. China said in October it will shift some Central Government tax revenue to local governments’ coffers to help ease the strain.

Cryptocurrency risks

THE central bank told businesses involved with cryptocurrencies to correct any improper actions, and warned investors to be wary of virtual currencies.

Speculation over cryptocurrencies has revived following the recent promotion of blockchain technology, the Shanghai Bureau of the People’s Bank of China said in a statement on its website Friday. The statement also warned investors not to confuse cryptocurrencies with blockchain — a technology underlying the virtual coins — as there are many risks in the issuance, funding and trading of cryptocurrencies.

Boeing-Embraer deal

A CHINESE antitrust regulator has approved Boeing Co.’s deal to buy a controlling stake in the commercial jet division of Brazilian planemaker Embraer, according to a statement on the regulator’s website.

The Boeing-Embraer deal appears on a list dated Nov. 19 of transactions “approved unconditionally” that is posted to the website of the Chinese State Administration for Market Regulation’s anti-monopoly department.