China Minzhong: Xie Xuren, the nation’s finance minister, said China will waive VAT on wholesale and retail vegetables in 2012.
According to an article posted on the Ministry of Finance’s website,
- Business taxes on the service industry will be changed to a VAT system under a trial program
- The nation will also remove “unreasonable” and “illegal” fees on companies next year
- China will “suitably” increase the subsidies for agriculture and raise farmers’ income
- China to increase fiscal subsidies for basic healthcare insurance in rural and urban areas to Rmb 240 in 2012, up from Rmb 200 in this year
- China to increase incomes in rural and urban areas, particularly for lower and middle income groups
Technically, the stock has bounced of its record low of $0.665 and the indicators have just reversed out of oversold levels. In the near term, momentum may carry share price to the $0.835 resistance. Nevertheless, the stock currently remains in a longer term downward trend. Cut loss of stock breaches the $0.665 support.
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