China

事关个人所得税！财政部、税务总局、证监会等三部门发布

STCN | Local Language | News | Jan. 23, 2026 | Regulation

On January 21, 2026, the Ministry of Finance, State Taxation Administration, and China Securities Regulatory Commission jointly announced the continuation of tax policies for the pilot domestic issuance of depositary receipts (CDRs) by innovative enterprises. From January 1, 2026, to December 31, 2027, individual investors will be temporarily exempt from personal income tax on price-differential gains from transferring CDRs of innovative enterprises.

During the same period, a differentiated personal income tax policy will apply to dividend income received by individual investors holding CDRs. Tax withholding and payment responsibilities fall on the domestic depositary institution, which must also file detailed reports with the tax authorities. Foreign tax credits may be granted for dividends already taxed abroad, according to relevant laws and bilateral tax treaties.

For corporate investors, price-differential gains and dividend income related to CDRs of innovative enterprises will follow existing enterprise income tax policies for share transfers and dividends. Public securities investment funds are temporarily exempt from enterprise income tax on these gains and dividends. Qualified foreign institutional investors (QFII) and renminbi qualified foreign institutional investors (RQFII) will treat such gains and dividends as income related to the transfer or holding of the underlying shares of the CDRs for enterprise income tax purposes.

The announcement defines "CDR of innovative enterprises" as securities issued domestically by a depositary based on overseas shares, meeting the pilot enterprise criteria set by the State Council and CSRC guidelines. These CDRs represent rights in the underlying overseas securities.

Global Times | English | News | Jan. 23, 2026 | Geopolitical Conflict and Disputes

Chinese Ambassador Sun Lei, Chargé d'Affaires a.i. to the UN, stated on January 21, 2026, that Japan is fundamentally unqualified to seek a permanent seat on the UN Security Council. He argued that Japan cannot shoulder the responsibility of maintaining international peace and security nor gain the trust of the global community.

Sun highlighted that the Security Council is central to upholding the postwar international order and that Japan's historical militarism has not been fully addressed. Despite the Tokyo trials punishing Japanese war criminals 80 years ago, right-wing forces in Japan have sought to whitewash wartime atrocities such as the Nanjing Massacre and forced labor, while revising history textbooks and honoring Class-A war criminals at the Yasukuni Shrine.

He also criticized Japanese leaders, including Prime Minister Sanae Takaichi, for provocative remarks on Taiwan, pro-nuclear positions, and efforts to revise security policies, which Sun viewed as a push toward remilitarization that threatens regional and global security.

Sun concluded that a country that denies its wartime crimes, challenges World War II outcomes, and disregards the postwar order cannot be trusted with the responsibilities of a permanent Security Council member. China, as a current permanent member, expressed its willingness to collaborate with peace-loving nations to uphold the postwar order and maintain the Security Council's authority and unity.

操盘必读：影响股市利好或利空消息_2026年1月22日_财经新闻

Sina Finance | Local Language | News | Jan. 23, 2026 | UndeterminedInvestor Sentiment

U.S. Trade Representative Grier indicated potential new trade talks with China, supported by China’s call to implement important bilateral agreements to stabilize economic cooperation. The People’s Bank of China emphasized accelerating RMB cross-border payment systems and reinforced regulatory supervision to ensure healthy industry development. Tax policies were extended to exempt personal income tax on gains from innovative enterprise China Depositary Receipts (CDRs) through 2027. Former U.S. President Trump ruled out forcibly acquiring Greenland and canceled upcoming tariffs on Europe, prompting increased optimism in U.S. stock markets. Meanwhile, the European Parliament indefinitely froze the review of the EU-U.S. trade agreement, with Denmark opposing U.S. demands regarding Greenland.

Industry updates included the expansion of inbound duty-free shops at ports, new real estate policies focusing on controlling added supply and optimizing financing, and long-term supply agreements in the semiconductor memory industry valid through 2030. Guangdong proposed advancing AI-driven smart transportation and autonomous driving tests. Intel and AMD’s server CPU supply is sold out for 2026, leading to planned price hikes. Guangdong raised the minimum commercial housing mortgage down payment ratio to 30%. Suzhou outlined plans to promote AI-driven scientific development and housing market revitalization.

Among companies, several reported expected net losses for 2025, including Moore Threads (950 million to 1.06 billion yuan), Xinda Real Estate (7.6 to 8.2 billion yuan), Jinko Energy (5.9 to 6.9 billion yuan), and Hongqiang Co., which anticipated a swing from profit to loss. Notable profit forecasts included Tianfu Communications (1.881 to 2.15 billion yuan, up 40–60%), Demingli (650 to 800 million yuan, up 85–128%), Jin’an Guoji (280 to 360 million yuan, up 656–871%), Daikin Heavy Industry (1.05 to 1.2 billion yuan, up 122–153%), and Juhua Co., Ltd. (3.54 to 3.94 billion yuan, up 80–101%). Other announcements included large contracts by Tengjing Technology and Nankuang Group and strategic investments by Hualan Co., Ltd. and Binhai Energy in AI drug R&D and advanced materials.

Global markets reacted positively to Trump’s announcement, lifting major U.S. indexes by over 1%, with memory stocks like SanDisk rallying strongly. The Nasdaq Golden Dragon China Index also gained 2.21%. Spot silver dropped intraday but recovered slightly, while spot gold hit a record high near $4,888 per ounce. Natural gas prices surged due to weather threats to U.S. exports and ongoing cold across Europe and Asia, with U.S. natural gas futures up 29% for the day. Crude oil prices edged up amid geopolitical uncertainties focused on Greenland rather than Iran.

Investment opportunities highlighted include the spin-off of Zhiyuan Robotics’ dexterous hand business into an independent company, reflecting a maturing robotics sector poised for rapid growth through 2030. Neuralink’s brain-machine interface chip now supports wireless over-the-air upgrades, signaling progress toward commercial-scale deployment in the brain-machine interface industry, expected to reach $7.63 billion globally by 2029.

Additional updates feature no new trading suspensions and the resumption of trading for ST Zhongzhuang. Operating data revealed mixed corporate earnings forecasts, with strong profit growth expected in some sectors and significant losses in others. Key contract wins, share buyback plans, and shareholder reductions were also noted, alongside industry-focused investments in battery materials and carbon technologies. Executive resignations and production capacity adjustments were reported at select mining and chemical companies.