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The amendment will go into effect as of March 1, 2008.

Raising the threshold of individual income tax collection from 1,600 yuan to 2,000 yuan means a reduction of 30 billion yuan in state revenue a year, according to official statistics.

However, the rise in personal income tax collection threshold will free 70 percent of income earners from paying income tax. The current threshold of 1,600 yuan makes 50 percent of income earners free from paying the tax.

China's consumer price index climbed 6.9 percent in November, marking the fourth consecutive month the index had been above six percent. Price increases for various goods have already placed a burden on common families.

The individual income tax cutoff point was raised from 800 yuan a month to 1,600 yuan starting in 2006. This was based on an investigation of the then citizen's consumption expenditure for basic living costs.

"Over the past two years, citizen's consumption expenditure for basic living further increased. This required us to readjust the individual income tax starting point again," Finance Minister Xie Xuren told a legislative session of the National People's Congress Standing Committee.

In addition, laws on labor dispute mediation and arbitration, drug control, resolutions to the Law on Road Transportation Safety, the Frontier Health and Quarantine Law and the Law on the Protection of Cultural Relics, and a revision of the Law on Science and Technology Progress, were also adopted at the end of the session.

The session will also hear and approve work reports by the NPC Standing Committee, the Supreme People's Court, the Supreme People's Procuratorate, and a State Council plan on institutional reform.

China's top legislature on Saturday adopted a law amendment to raise the country's individual income tax threshold from 1,600 yuan a month to 2,000 yuan.

The individual income tax threshold increase was believed to relieve the economic burden of medium- and low-income earners amid the recent price increase of some goods.

Last week, the Qingdao Central Hospital in Shandong Province performed two operations to remove earphones that had become stuck inside the ears of two students hoping to cheat on national college English examinations.

The two students had hired people to call in the answers to the questions on the test, which they received through miniature earphones deep inside their ears.

The scheme seemed to have worked until they realized they could not get the earphones out.

BEIJING - Central Huijin Investment Co. (Huijin), an investment arm of the Chinese government, signed a contract with the China Development Bank (CDB) here Monday to inject US$20 billion into the state-owned policy bank.

The investment, ratified by the State Council, would sharply raise the CDB's capital adequacy and improve its risk-prevention capability, said a press release by the People's Bank of China, the nation's central bank.

The release indicated CDB was undergoing a fundamental reform to become a fully commercial financial institution.

Huijin had formerly invested in major Chinese commercial banks, including ICBC, CCB and the EverBright Bank, to help them shake off the heavy burden of bad loans before being restructured into a joint-stock company.

On December 25, Lou Jiwei, chairman of the China Investment Corp. (CIC), the country's state forex investment company, indicated at a public occasion that it controlled Huijin and was confident in the CDB's reform and restructuring.

CIC had formerly promised to invest a third of its US$200 billion capital, or about US$60 billion, in the CDB and the Agricultural Bank of China.

CDB is one of the country's three policy banks, the other two being the Eximbank and the Agricultural Development Bank. CDB's public financial data revealed it was in far better financial condition than most of the country's commercial banks.

China is scheduled to elect new State leaders, including the top legislator, the president and vice-president of China, the premier and vice premier, and ministers, at the First Session of the 11th National People's Congress (NPC), which begins on March 5, 2008.

The session, which will last for about two weeks, will elect the new chairman of the Central Military Commission and heads of the Supreme People's Court and the Supreme People's Procuratorate, according to a resolution passed by the Standing Committee of the 10th National People's Congress (NPC), at its 31st meeting which concluded here on Saturday.

The agenda also includes the reading and approval of a government report; checking and approval of reports on the implementation of the annual plan on national economic and social development in 2007 and the draft plan on national economic and social development in 2008, and checking and approval of reports on the implementation of the central and local budgets of 2007 and the draft central and local budgets of 2008.

                                                     ----------------------all from chinadaily corpright

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