Chinese Premier Li Qiang delivered a keynote speech at the opening ceremony of the 7th China International Import Expo (CIIE) and the Hongqiao International Economic Forum in Shanghai on Tuesday.
The CIIE is the world's first national-level exposition dedicated to imports. This year's expo is scheduled to run from November 5 to 10.
"Today, the seventh CIIE is opening as scheduled. Friends both old and new, from home and abroad, have come as promised. On behalf of the Chinese government, I wish to express cordial greetings and warm welcome to you all," said Li.
China's Commerce Minister Wang Wentao moderated the opening ceremony.
The 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions. It also sets a new record with 297 Fortune Global 500 companies and industry leaders attending the event.
More than 400 new products, new technologies and new services are set to be unveiled during the expo, which experts believe is a strong indication of global companies' confidence in the Chinese market, and their commitment to further development in China despite a sluggish global economic recovery.
Chinese premier delivers keynote speech at opening ceremony of 7th China Int'l Import Expo
Chinese lawmakers on Dec 25 voted to adopt a law on value-added tax (VAT), the largest tax category in China, marking major progress in enforcing the principle of law-based taxation.
The law, passed at a session of the Standing Committee of the National People's Congress, the national legislature, will take effect on Jan 1, 2026.
Currently, 14 out of the 18 tax categories in effect in China have already been legislated, covering the majority of tax revenue.
The VAT law specifies tax rates and taxable amounts, maintaining the three current rates of 13 percent, 9 percent, and 6 percent, with a zero tax rate applied to certain goods and services exports.
"The VAT legislation maintains the current statutory tax rates: 13 percent for goods, 9 percent for sectors like transportation, postal, communication, real estate, and construction, and 6 percent for services," said Shi Zhengwen, director of the Fiscal and Taxation Law Research Center of China University of Political Science and Law.
In terms of tax collection management, the VAT law clarifies that VAT will be collected by tax authorities, while customs will handle VAT for imported goods.
Additionally, for the first time, the law specifically outlines an invoicing management system, emphasizing the promotion of electronic invoices and strengthening data-driven tax administration.
"Electronic VAT invoices aim to provide timely access to tax-related information from business operations. The goal is to establish a tax information-sharing mechanism and coordination system. Under the 'data-driven tax administration' model, VAT collection will ultimately support high-quality development, social fairness, and market unity," said Shi.
VAT law to take effect in 2026, with current rates unchanged
