BMW announced on October 11 that it would increase by half its stake in BMW Brilliance Automotive (BBA), a long-running joint venture with Brilliance China Automotive, from 50 percent to a dominating 75 percent.
The standing committee of China’s National People’s Congress, China’s highest legislative body, passed on August 31 the latest revision to the Personal Income Tax Law which raises the lowest tax base for monthly taxable income from 3,500 yuan (US$511) to 5,000 yuan (US$730) as of October 1.
Chinese President Xi Jinping attended the 10th BRICS (Brazil, Russia, India, China and South Africa) summit held in Johannesburg, South Africa on July 26, where he called on the BRICS members to jointly safeguard “multilateralism” and strengthen cooperation within and outside the bloc, drawing on a concept he first proposed last year called “BRICS+.
General Secretary of the Communist Party of China (CPC) Central Committee Xi Jinping met with former Kuomintang (KMT) chairman Lien Chan in Beijing on July 13, during which Xi urged the Taiwanese side to stick to the one-China policy and work with the Chinese mainland to revitalize the Chinese nation.
The trade conflict between China and the US is escalating after President Donald Trump, represented by the White House, released a statement on June 18, which stated that the US plans to impose 10 percent additional tariffs on US$200 billion worth of Chinese imports.
The Chinese Academy of Social Sciences (CASS), China’s highest State think tank, released its first quarter economic forecast report on May 14, predicting that China’s GDP will grow by 6.7 percent throughout 2018.