Top news of the week:

• MOFCOM: China’s actualized FDI maintains double-digit growth from Jan to Nov of 2022

  The actualized foreign direct investment (FDI) totaled USD178.08 billion in the first 11 months of this year, an increase of 12.2 percent year-on-year, Shu Jueting, spokesperson of the Ministry of Commerce (MOFCOM) told a regular press conference on December 23. It proves that China remains an attractive destination for foreign investors.

• China releases measures for regulatory rating of foreign banks’ branches

  December 27, 2022

  The China Banking and Insurance Regulatory Commission (CBIRC) released trial measures for the comprehensive regulatory rating of foreign bank branches on December 27. A foreign branch’s rating will be determined by evaluating its core factors, such as risk management, operation control, compliance, and asset quality, as well as its head office’s operational risks, financial condition, and managerial ability.

• Hong Kong scraps most COVID rules,though masks still mandated

  December 28, 2022

  Hong Kong will cancel its stringent COVID-19 rules from December 29, city leader John Lee Ka-chiu said, meaning that arrivals will no longer need to do mandatory PCR tests while the city’s vaccine pass would also be scrapped. However, the wearing of masks remains compulsory.

• China’s international flights routes recovering

  December 29, 2022

  With the easing of domestic epidemic prevention policies, passenger traffic on China’s international flight routes has gradually recovered. In November, 232,000 passengers were transported on international routes, an increase of 123.8 percent over the same month last year.

• China to lower overall tariffs level to 7.3% in 2023

  December 30, 2022

  China will adjust import and export tariffs for some commodities in 2023. After the latest adjustments, the country’s overall tariff level will drop from 7.4 percent to 7.3 percent for the year, the Customs Tariff Commission of the State Council said in a notice. China will impose a provisional import tax rate lower than the “most-favored nation” tariff rate on 1,020 items starting January 1, 2023. The country will also reduce the “most-favored nation” tax rate on 62 information technology products from July 1.