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MNI China Press Digest Dec 18: Dividends, Fines, Visa

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Wednesday:

  • The Shanghai and Shenzhen stock exchanges will halve dividend handling fees for listed companies to 0.5%₀ starting in in 2025  and waive the portion exceeding CNY1.5 million, 21st Century Business Herald reported, citing a China Securities Depository and Clearing Corporation statement. The top securities watchdog aimed to promote cash dividends and restore investor confidence, the newspaper said. The number of companies announcing dividend plans in Q3 reached 287, up 355% y/y. As of Dec 17, around 4,000 listed firms distributed about CNY2.4 trillion in dividends this year, up 10% y/y, the newspaper said.
  • Authorities must strengthen law enforcement supervision after an abnormal growth in fines and confiscations by local governments, Yicai.com reported citing a State Council meeting. Premier Li Qiang announced a campaign to standardise law enforcement related to enterprises will begin next year, aimed at improving the business environment and stabilising expectations, said Yicai. Fines and confiscations account for about 10% in local government's non-tax revenue, while the growth rate of non-tax revenue in October and November were up about 40% y/y, the newspaper said. 
  • China has extended foreigner’s transit visa stay time to 240 hours from 144 hours and added 21 entry-and-exit ports for transit usage, the National Immigration Administration has announced. Qualified travellers from 54 countries including Russia, Brazil, UK,  U.S., and Canada, transiting through China can enter through 60 open ports in 24 provinces, the Administration said. According to the latest statistics, from January to November 2024, 29.2 million foreigners entered the country, up 86% y/y, of which 17.4 million used visa-free entry, up 123% y/y.
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Highlights from Chinese press reports on Wednesday:

  • The Shanghai and Shenzhen stock exchanges will halve dividend handling fees for listed companies to 0.5%₀ starting in in 2025  and waive the portion exceeding CNY1.5 million, 21st Century Business Herald reported, citing a China Securities Depository and Clearing Corporation statement. The top securities watchdog aimed to promote cash dividends and restore investor confidence, the newspaper said. The number of companies announcing dividend plans in Q3 reached 287, up 355% y/y. As of Dec 17, around 4,000 listed firms distributed about CNY2.4 trillion in dividends this year, up 10% y/y, the newspaper said.
  • Authorities must strengthen law enforcement supervision after an abnormal growth in fines and confiscations by local governments, Yicai.com reported citing a State Council meeting. Premier Li Qiang announced a campaign to standardise law enforcement related to enterprises will begin next year, aimed at improving the business environment and stabilising expectations, said Yicai. Fines and confiscations account for about 10% in local government's non-tax revenue, while the growth rate of non-tax revenue in October and November were up about 40% y/y, the newspaper said. 
  • China has extended foreigner’s transit visa stay time to 240 hours from 144 hours and added 21 entry-and-exit ports for transit usage, the National Immigration Administration has announced. Qualified travellers from 54 countries including Russia, Brazil, UK,  U.S., and Canada, transiting through China can enter through 60 open ports in 24 provinces, the Administration said. According to the latest statistics, from January to November 2024, 29.2 million foreigners entered the country, up 86% y/y, of which 17.4 million used visa-free entry, up 123% y/y.