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China will step up efforts to broaden market access for foreign investors into its financial sector and to create a predictable and fair business environment for all market players, vice governor of the central bank said on Wednesday.
China's Labor Law stipulates that companies must contribute the bulk of payments toward five types of social security for employees, including injury, medical and endowment insurance. Workers pay a minimal amount.
China's announcement that it will scrap foreign ownership caps on local auto companies by 2022 and remove restrictions on new-energy vehicle ventures this year is expected to be a game changer for the industry.
China will impose a 25 percent tariff on billion in imports of goods from the United States on Aug 23, the latest countermeasure to defend its legitimate interests and the multilateral trading system, the Ministry of Commerce announced late on Wednesday.
China will take all necessary measures to safeguard its interests, he added. China opposes and has lodged stern representations to the US over its setting up a so-called coordinator for Tibetan issues and would never acknowledge such a post, Zhao said.
