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China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.
Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai
China to impose consumption tax on e-cigarettes from November
  + stars: | 2022-10-25 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, Oct 25 (Reuters) - China's Ministry of Finance will impose a consumption tax on e-cigarettes from Nov. 1, according to a notice published on Tuesday. A tax rate of 36% will be placed on the production or import of e-cigarettes, while an 11% tax will be placed on the wholesale distribution of e-cigarettes. The taxation policy will further entrench China's once-scattered e-cigarette industry into the state-backed tobacco monopoly, a major generator of tax revenue. Tobacco products remain a major revenue generator for Beijing, with cigarette sales generating roughly 5% of the central government's tax revenue each year. China Tobacco, STMA's commercial arm, is a shareholder in China's state-backed investment fund for the chip industry.
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