CHINA: China Replacing Sales Tax With VAT To Ease Financial Burden

The Chinese government is set to ease tax burden on four industries namely construction, real estate development, financial services and consumer services under its corporate tax reform programme, a media report said on Monday.

The reform seeks to replace sales tax with value-added tax (VAT) thus removing duplication of taxes and easing financial burden on enterprises, the People's Daily reported.

Under the new system, companies will no longer need to pay sales tax based on their revenue.

Tax burden would be eased to the extent of 600 billion yuan ($91.26 billion) this year, said taxation expert Hu Yijian, a professor of finance and economics at Shanghai University.

Prime Minister Li Keqiang has said that a pilot programme involving VAT in place of business tax has been running effectively.

Meanwhile, the central parity rate of the Chinese currency renminbi (yuan) has been weakened by 23 basis points to 6.5539 against the US dollar on Monday.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

CHINA: Marriott International Expands Business In China

Marriott International further expands its business in China with the opening of the Renaissance Suzhou Wujiang Hotel in Shengze, an ancient city with a modern and thriving economy. The new hotel is the first international hospitality brand in the area and the 19th Renaissance branded property to open in China.

As one of Marriott International’s leading lifestyle brands, Renaissance Hotels is dedicated to helping guests discover the unexpected wherever they travel,” said Henry Lee, Chief Operation Official, Greater China of Marriott International. “We are extremely proud of the opening of the Renaissance Suzhou Wujiang Hotel, marking the 19th Renaissance hotel in China, in addition to five Marriott International brands already flourishing within China. Our goal is to make Marriott International the most popular global tourism company in Asia Pacific,” added Lee.

The new Renaissance Suzhou Wujiang Hotel has 296 well-appointed guest rooms including 15 spacious suites that have their own kitchenettes with refrigerators. Picturesque lake views can be enjoyed by approximately half the rooms, while all guest rooms feature plush bedding, high speed wireless internet, an LED TV and a spacious work area. Guests staying on one of the hotel’s four Club Floors enjoy access to the Club Lounge and exclusive services such as expedited check-in and check-out, complimentary breakfast buffet, in addition to daily tea, coffee and snacks.

We anticipate immediate strong demand due to Renaissance’s exceptional reputation for defying business travel conventions for guests who crave unexpected experiences,” said Mr. Alex Tse Kam Chiu, General Manager of Renaissance Suzhou Wujiang Hotel. “Moreover, the area has great potential for further growth as a tourism destination and commercial center.”

The Renaissance Suzhou Wujiang brings Shengze its first five-star dining destination managed by an internationally acclaimed Food & Beverage team. General manager Mr. Tse is also a platinum member and gold medal winner of the Les Amis d’Escoffier Society and a Commanderie des Cordons Bleus de France. A 26-year veteran of the restaurant industry with years of five-star hotel experience, he will be overseeing food and beverage operations.

Guests can enjoy exceptional dining at Wan Li Chinese Restaurant where flavors of Canton, Zhejiang and Jiangsu provinces are served in a chic and inviting interior within 11 exquisitely designed private dining rooms.

A wide range of international specialties are prepared in open kitchens at Food Studio, the hotel’s all-day dining restaurant that offers buffet and a la cart dining.

Smokimoto Korean Restaurant in the Renaissance Suzhou Wujiang Hotel offers delicious traditional Korean dishes including a sumptuous barbeque selection as well as fresh Japanese sashimi.

Locals and guests alike have the perfect place to unwind in R Bar, a chic and energetic evening gathering place that offers live music, a variety of canapés, cocktails, craft beers and fresh juices.

Renaissance Suzhou Wujiang Hotel also boasts a 24-Hour Fitness Center with top-notch exercise machines and an aerobics room, as well as an indoor heated swimming pool boasting magnificent lake views.


Impressive conference and meeting facilities make Renaissance Suzhou Wujiang Hotel the ideal place for weddings, corporate events and private gatherings of all styles and sizes with total floor space of 3,800 square meters supported by a dedicated and experienced events planning team. The Grand Ballroom offers 1,600 square meters of pillar-less space that can be partitioned into three smaller rooms, and is equipped with a stunning 140 square meter LCD screen and state-of-the-art audiovisual system. The Junior Ballroom is 400 square meters in area and can also be partitioned into three sections. There are also six multipurpose rooms for small groups and meetings.

As a major stop along the ancient Silk Road, Shengze was a famously prosperous base for silk production. Its remaining Yuan, Ming and Qing dynasty buildings now draw thousands of tourists each year. Today silk remains the focus of a more diversified local economy for Shengze, which also includes a burgeoning high-tech sector and hundreds of foreign enterprises. Local businesses benefit from the city’s location at the junction of three of the most economically developed administrative divisions of China – Zhejiang Province, Jiangsu Province and the Municipality of Shanghai.

Renaissance Suzhou Wujiang Hotel is a one-hour trip by car from Shanghai Hongqiao International and the Suzhou Railway Station. The hotel is only six kilometers from Shengze Coach Station.

CHINA: New Renaissance Suzhou Wujiang Hotel Opens In Shengze

Marriott International further expands its business in China with the opening of the Renaissance Suzhou Wujiang Hotel in Shengze, an ancient city with a modern and thriving economy. The new hotel is the first international hospitality brand in the area and the 19th Renaissance branded property to open in China.

As one of Marriott International’s leading lifestyle brands, Renaissance Hotels is dedicated to helping guests discover the unexpected wherever they travel,” said Henry Lee, Chief Operation Official, Greater China of Marriott International. “We are extremely proud of the opening of the Renaissance Suzhou Wujiang Hotel, marking the 19th Renaissance hotel in China, in addition to five Marriott International brands already flourishing within China. Our goal is to make Marriott International the most popular global tourism company in Asia Pacific,” added Lee.

The new Renaissance Suzhou Wujiang Hotel has 296 well-appointed guest rooms including 15 spacious suites that have their own kitchenettes with refrigerators. Picturesque lake views can be enjoyed by approximately half the rooms, while all guest rooms feature plush bedding, high speed wireless internet, an LED TV and a spacious work area. Guests staying on one of the hotel’s four Club Floors enjoy access to the Club Lounge and exclusive services such as expedited check-in and check-out, complimentary breakfast buffet, in addition to daily tea, coffee and snacks.

We anticipate immediate strong demand due to Renaissance’s exceptional reputation for defying business travel conventions for guests who crave unexpected experiences,” said Mr. Alex Tse Kam Chiu, General Manager of Renaissance Suzhou Wujiang Hotel. “Moreover, the area has great potential for further growth as a tourism destination and commercial center.”

The Renaissance Suzhou Wujiang brings Shengze its first five-star dining destination managed by an internationally acclaimed Food & Beverage team. General manager Mr. Tse is also a platinum member and gold medal winner of the Les Amis d’Escoffier Society and a Commanderie des Cordons Bleus de France. A 26-year veteran of the restaurant industry with years of five-star hotel experience, he will be overseeing food and beverage operations.

Guests can enjoy exceptional dining at Wan Li Chinese Restaurant where flavors of Canton, Zhejiang and Jiangsu provinces are served in a chic and inviting interior within 11 exquisitely designed private dining rooms.

A wide range of international specialties are prepared in open kitchens at Food Studio, the hotel’s all-day dining restaurant that offers buffet and a la cart dining.

Smokimoto Korean Restaurant in the Renaissance Suzhou Wujiang Hotel offers delicious traditional Korean dishes including a sumptuous barbeque selection as well as fresh Japanese sashimi.

Locals and guests alike have the perfect place to unwind in R Bar, a chic and energetic evening gathering place that offers live music, a variety of canapés, cocktails, craft beers and fresh juices.

Renaissance Suzhou Wujiang Hotel also boasts a 24-Hour Fitness Center with top-notch exercise machines and an aerobics room, as well as an indoor heated swimming pool boasting magnificent lake views.


Impressive conference and meeting facilities make Renaissance Suzhou Wujiang Hotel the ideal place for weddings, corporate events and private gatherings of all styles and sizes with total floor space of 3,800 square meters supported by a dedicated and experienced events planning team. The Grand Ballroom offers 1,600 square meters of pillar-less space that can be partitioned into three smaller rooms, and is equipped with a stunning 140 square meter LCD screen and state-of-the-art audiovisual system. The Junior Ballroom is 400 square meters in area and can also be partitioned into three sections. There are also six multipurpose rooms for small groups and meetings.

As a major stop along the ancient Silk Road, Shengze was a famously prosperous base for silk production. Its remaining Yuan, Ming and Qing dynasty buildings now draw thousands of tourists each year. Today silk remains the focus of a more diversified local economy for Shengze, which also includes a burgeoning high-tech sector and hundreds of foreign enterprises. Local businesses benefit from the city’s location at the junction of three of the most economically developed administrative divisions of China – Zhejiang Province, Jiangsu Province and the Municipality of Shanghai.

Renaissance Suzhou Wujiang Hotel is a one-hour trip by car from Shanghai Hongqiao International and the Suzhou Railway Station. The hotel is only six kilometers from Shengze Coach Station.