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CHINA PRESS: State Council To Address Abnormal Growth In Local Fines

CHINA PRESS
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.

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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.