Briefly

Individual income tax treatment clarified

China has clarified the individual income tax treatment of offshore trusts, requiring individuals to declare and pay tax when transferring assets into such trusts or deriving income from them, according to a notice issued by the Ministry of Finance and the State Taxation Administration on Friday. For individuals who cease to be Chinese tax residents, gains on offshore trust assets, calculated as the difference between their original value and market value at the time of the status change, will be treated as taxable income. Chinese tax residents are individuals who have a domicile in China or stay in the country for 183 days or more in a tax year.

Geely, Ford ink deal on NEVs

Geely Automobile Holdings and Ford Motor Co have inked a deal to produce new energy vehicles for the European market at Ford's manufacturing plant in Valencia, Spain. Pending regulatory approval, the joint venture is expected to begin operations in the first half of 2027, with the first new vehicles set to roll off the production line in 2028.

Water conservancy investment tops $75b

China invested 515.1 billion yuan ($75.82 billion) in the construction of water conservancy facilities in the first half of 2026, data from the Ministry of Water Resources showed on Friday. A total of 25 major water conservancy projects were newly launched during the January-June period, while water infrastructure construction created 1.344 million jobs in H1, the ministry said.

XINHUA — CHINA DAILY