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BEIJING, Feb. 13 (Xinhua) -- China will impose tax on the one-off subsidy to people taking early retirement, the State Administration of Taxation (SAT) said Sunday.The SAT said the early retirement subsidy, which is not tax-free retirement income, should be imposed with personal income tax.However, the tax will be calculated after the subsidy is divided by the months between the date of the completion of retirement formalities and the corresponding legal retirement date, the SAT said.

BEIJING, March 28 (Xinhuanet) -- Google Inc. is working with MasterCard Inc. and Citigroup Inc to develop a technology that could make mobile payments, according to media reports Monday.The new technology named "Nexus S Android" is embedded in Android mobile devices and allows customers to make purchases by waving their smartphones in front of a small reader at the checkout counter.Credit-card reader producer VeriFone Systems Inc, also involved in the new payment service, is developing contact-less devices that could allow people to pay with a wave or tap of credit card or a tap of smartphone.To use the service, holders of Citigroup-issued debit and credit cards must activate a mobile-payment application developed for one current model of Android phones. More models will be coming as the technology advances.Besides mobile payment, consumers would also be able to get targeted ads or discount offers, manage credit-card accounts and track spending through an application on their smartphones.Due to the deliberate design of the technology, customers have no need to worry about the security of their payment information. Nick Holland, a mobile-transactions analyst at Yankee Group, said the new technology is more sophisticated than credit cards with a magnetic stripe.With the coming service, Google is aiming to boost its advertising business by offering retailers more data about their customers and help them target ads and discount offers to mobile-device users near their stores.An insider told that Google was not expected to get a cut of the transaction fees.The service is expected to be released this year. Once released, it will broaden the uses of smartphones for everyday activities—from chatting to emailing to shopping.

BEIJING, Feb. 14 (Xinhuanet) -- The exchange rate against the US dollar is currently at an appropriate level but could fluctuate in the future, Yi Gang, vice-governor of the central bank and head of the State Administration of Foreign Exchange, said on Sunday."In the future, as markets fluctuate and labor productivity changes, the rate will certainly show some fluctuation," he said at a seminar. Last Thursday, the yuan's central parity rate rose to a record high of 6.5849 against the US dollar, after rising for three consecutive trading days, before declining to 6.5952 on Friday.The yuan has appreciated about 3.6 percent against the dollar since mid-June. A report from the US Treasury said earlier that on an inflation-adjusted basis, the appreciation was even higher, at an annual rate of more than 10 percent.US Federal Reserve Chairman Ben Bernanke said last Wednesday that China's recent measures to control inflation by raising interest rates is "surprising" and urged Beijing to let its currency rise in value.Currently the exchange rate is still underestimated by no more than 10 percent, said Lu Mai, secretary-general of the China Development Research Foundation (CDRF).The resilience of exporters to the rising yuan is stronger than previously estimated, which helps to pave the way for more currency reform to liberalize the yuan, he said.In 2007 and 2008, the Chinese currency rose by 7 percent annually against the US dollar, but China's GDP only declined by 0.28 percentage points, with inflation down by 0.42 points and workers' wages up by 0.07 points, according to CDRF research."The figures showed that progressive currency reform since July 2005 was successful, and the government should accelerate the reform and further free the yuan in the next five years to promote healthy, long-term economic development," Lu said.China should keep the proportion of its trade surplus to GDP within 5 percent, and avoid further increasing its huge foreign exchange reserves to allow the currency to settle at a balanced level, he said.China's foreign reserves rose to a record .85 trillion at the end of last year, an 18.7 percent increase year-on-year, according to statistics from the People's Bank of China, the central bank.Yi said he took note of the CDRF findings, but emphasized that further moves depended on both the domestic and international economic situation and appropriate timing.Lu Feng, an economist at Peking University, said now is the right time to deepen currency reform and let the yuan trade at a higher price as inflation is rising.Analysts have predicted that the yuan will appreciate this year as inflation may see the government opt for a rising yuan to lower the cost of purchasing international commodities.Lian Ping, chief economist at the Bank of Communications, predicted the yuan would rise by 5 to 7 percent in 2011.

ABU DHABI, Feb. 10 (Xinhua) -- China believes that Egypt has sufficient wisdom and capability to overcome difficulties and realize national stability and development, visiting Chinese Foreign Minister Yang Jiechi told his Egyptian counterpart in a telephone conversation Thursday.Yang, who was on a visit to the United Arab Emirates (UAE), told the Egyptian Foreign Minister Ahmed Abul Gheit that China pays close attention to the situation in Egypt, adding that Egypt, as an influential country in the Middle East, is vital to the region's stability.Egypt's internal affairs should be resolved by Egyptians themselves and should be free of outside interference, he added.Gheit briefed Yang on Egypt's situation, saying his government was taking measures to safeguard social stability and return the country to normality.Both sides also expressed satisfaction with the development of China-Egypt relations in the past year, saying the strategic cooperation between the two countries has great potential and broad development prospects.Yang arrived in the UAE capital of Abu Dhabi late Wednesday for an official visit to the Gulf nation.

LUQA, Malta, Feb. 28 (Xinhua) -- Four chartered planes of China Eastern Airlines left Malta Monday, taking home 1,115 Chinese nationals evacuated from Libya. The forth Airbus A340 plane with 275 evacuees on board took off from the Malta International Airport at about 08:40 p.m. local time (1940GMT), bringing the total number of Chinese nationals back home from Malta to 2,223.The flight CES 266 with 275 Chinese nationals on board flew to Beijing while the other three will land in Shanghai, according to Chinese Embassy in Malta.Three chartered flights are expected on Tuesday, the embassy said.In the past 48 hours, three chartered cruise ship with 4,800 Chinese evacuees have reached Valletta, capital of Malta.

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